Navigating one of the US's most notoriously challenging – but rewarding – mortgage markets

It's a housing market often viewed as among the US's most challenging because of high prices, demand, and a generally elevated cost of living. But tackling that market has proven a worthwhile endeavor for Brian Cohen (pictured top), a mortgage market veteran who described the day-to-day grind in the city as an enjoyable pursuit.

Cohen has spent more than two decades navigating the intricacies of mortgage lending, much of it in one of the country’s most complex housing markets. After launching his career at Ameriquest Mortgage, Cohen moved to Wells Fargo, where he stayed for 15 years. Today, he is with Guaranteed Rate Affinity, based out of New York City’s Meatpacking District.  

"We're helping people achieve their dreams of buying houses and condos and co-ops," Cohen said. "And I'm having fun."  

Why New York stands apart  

Cohen describes New York as uniquely difficult for mortgage professionals, particularly due to the nature of the housing stock. "In Manhattan, Brooklyn specific, 50% of the approval is the building and 50% is the buyer," he said. "So it creates a lot of extra work and time."  

The added complexity comes from co-op and condo boards, which have the power to reject buyers for any reason, or no reason at all. "A real estate agent can have a contract, the mortgage could be ready, and the building can say, 'No, you're not good enough,'" he said.  

New York is also an attorney state, which means the buyer, seller, and lender each have legal representation. "A lot of cooks in the kitchen," Cohen said, noting the added friction from board interviews and approval processes.  

Readiness over reaction  

With refinances still rare after the pandemic boom, Cohen sees preparation as the key for brokers. "If we see a refinance opportunity, it's not going to be anywhere near as grand as it was during Covid," he said. Still, borrowers with adjustable-rate mortgages may soon seek to convert to fixed rates as market conditions shift.  

"The biggest challenge is staffing appropriately," he said. "Make sure you're staffed for when the time comes."  

He also stressed the importance of timing. "As soon as the rates dip, do you wait? Or do you do it now and then do it again if rates continue to go down? Nobody knows what rates are going to do."  

To manage operational efficiency, Cohen said brokers need the right technology and structure. "Guaranteed Rate Affinity is best in class because of our technology," he said. "We make the process for buyers a lot of it digital."  

He described a hybrid approach: half self-serve, half hands-on. "Our buyers fill out an application in under 10 minutes. They upload their documents. It's very straightforward."  

Teams should be prepared to shift roles based on volume. "My priority is always number one on purchases," he said. "And refinances, when they come, it's great."  

Staying sharp in a shifting market  

Cohen believes the next 12 to 24 months will reward brokers who remain proactive and data-driven. "You have to make sure you're reviewing pipeline consistently," he said. That includes tracking when customers' adjustable-rate mortgages expire and monitoring current market rates.  

"Every day people don't ask me how I'm doing. It's 'what's your rate?'" he said. "We are all over the rates live. So we're ready."  

As for competition, Cohen said it's not other lenders that pose the biggest threat, it's cash buyers. And in a market like New York, where co-op boards can reject a buyer for nearly any reason, relationships and presentation still matter.  

"It's why they actually interview people," he said. "If you don't have a great personality, it doesn't mix with somebody, even if you're financially qualified."  

Cohen is cautiously optimistic about a return to a healthier mix between purchase and refinance deals. "I'd like to see us get back to a 70-30 or even a 50-50 mix," he said. In the meantime, his focus remains clear: "Make sure your staff is ready, monitor the market, and stay close to your clients. That's the best way to stay competitive." 

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