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Pioneer Michael Cohan30 October 2024

Revolutionizing Mortgage ft. Pioneer Michael Cohan

2Frameworks
13Insights

Frameworks in this episode

Insights & moments

The myth-busts, hot takes, explainers, and tools worth keeping.

Myth Buster· 2

Myth Buster21:30

Hard Work Creates Opportunity, Not Guaranteed Success

Cohan rejects a simple equation between long hours and success because many hardworking people do not achieve the result they seek. He treats discipline and work ethic as the minimum needed to create an opportunity for growth, not as a guarantee of the outcome.

  • Hours worked do not determine success by themselves
  • Work ethic is a baseline across industries
  • Discipline supports the opportunity to achieve a goal
  • Cohan distinguishes opportunity from certainty

success isn't solely based on how many hours you work in a day

Michael Cohan · 22:00

the good work ethic includes uh being disciplined to work hard to achieving what you want and having that opportunity to achieve what you want

Michael Cohan · 22:30
#work ethic#discipline#success#mindset
Myth Buster39:00

The Best Technology Is Useless Without Committed People

While describing Unisource's growth ambitions, Cohan warns that technology cannot substitute for employees committed to serving customers. He wants to train management to improve continually and ultimately build a company that can grow without his direct presence.

  • Technology alone does not create customer service
  • Committed employees must support the systems
  • Cohan welcomes a new generation challenging him
  • His succession goal is growth that continues without him

you can have the best technology in the world Joe if you don't have the people behind it that are committed to bending over backwards…

Michael Cohan · 40:00

eventually one day I would like to see the company grow even without me when I'm not here

Michael Cohan · 41:30
#technology#customer service#management#succession

Hot Take· 1

Hot Take34:30

College's Value Extends Beyond the Qualification

Cohan believes college remains important for many people because it supports personal and social development as well as education. He does not condemn those who skip it, but considers the experience and lasting education worth the investment for many students.

  • Cohan values college for developmental growth
  • Work and social platforms provide different forms of development
  • Education remains with a person regardless of later wealth or setbacks
  • He presents college as worthwhile rather than universally mandatory

I do believe believe that college is important and not only for the education side but I believe it's important to uh for developmental growth…

Michael Cohan · 34:30

education is something they can never take away from you

Michael Cohan · 35:30
#college#education#personal development#career

Story· 3

Story02:00

How Cohan Entered Mortgages Without Knowing Credit Reports

After finishing graduate school in 1994, Cohan joined his father's credit-reporting company despite knowing little about credit reports or mortgages. His father proposed a one-year trial, and the business's success and momentum persuaded him to remain in the industry.

  • Cohan entered the industry after completing his graduate programme
  • He began without prior mortgage or credit-report knowledge
  • His father framed the role as a one-year trial
  • Early success motivated him to continue

I had no idea of uh what credit reports were had no idea what mortgages were

Michael Cohan · 02:30

you give it a year if you don't like the business you're free to go do what you want

Michael Cohan · 09:00
#career path#family business#mortgage industry
Story10:00

The 2003 Credit-Business Exit to Fiserv

Cohan says the credit-reporting business and its technology company were acquired through Fiserv's effort to assemble an end-to-end customer offering. The July 2003 transaction was approximately $100 million, and Cohan participated as a partner after serving as executive vice president of sales and marketing.

  • The businesses were Chase Credit and Trace Credit Systems
  • Fiserv was assembling services from credit through appraisal and title
  • The transaction occurred in July 2003
  • Cohan says the exit was about $100 million

we uh had the opportunity to exit uh the credit reporting uh business through a uh public offering through uh F serve

Michael Cohan · 10:00

it was about $100 million back in 2003 numbers

Michael Cohan · 11:30
#acquisition#fiserv#credit reporting#entrepreneurship
Story13:00

Unisource Was Built State by State, Not Bought

Cohan founded Unisource with a partner in Pittsburgh in 2003 and says they built the licences and infrastructure from scratch. After buying his partner's remaining shares in 2008, he invested in harder secondary states; the company later reached direct operations in approximately 43 or 44 states.

  • Pittsburgh offered an experienced title-and-escrow workforce and lower costs
  • Cohan and his partner built the company rather than buying a licensed national operator
  • Cohan became the sole owner in 2008
  • Expansion proceeded licence by licence

we didn't buy anything we uh mostly built it from scratch

Michael Cohan · 16:30

today we're in uh approximately with direct operations in I'll would say 43 or 44 States

Michael Cohan · 17:30
#unisource#title insurance#licensing#business growth

Takeaway· 7

Takeaway01:00

Michael Cohan's 5:30 A.M. Start

Cohan starts around 5:30 or 6:00 with a short workout when time permits, email, and news. He usually reaches the office by 7:30 or 7:45 and lets the day's requirements determine when work ends.

  • His routine begins with movement when possible
  • He checks email and reads the news before reaching the office
  • He normally arrives before 8:00
  • The workday lasts as long as necessary to complete the day's needs

I usually get up uh around 5 :30 or 6: in the morning

Michael Cohan · 01:00

our day takes us uh as long as it needs to be to get through what we need to

Michael Cohan · 02:00
#morning routine#work habits#leadership
Takeaway23:00

Why Customer Experience Replaced Money as Cohan's Motivation

Cohan says money no longer provides his main motivation. He is energised by the challenge of delivering a better product, technology, and experience rather than judging a customer only by the revenue they bring.

  • Cohan's present motivation is not primarily financial
  • He focuses on improving products and technology
  • Customer experience matters beyond account revenue
  • The improvement challenge motivates further building

the motivation isn't based on dollars any longer for me

Michael Cohan · 23:00

the motivation for me comes within understanding and challenging ourselves how to to make a product better for the customer experience

Michael Cohan · 23:30
#motivation#customer experience#product improvement
Takeaway27:30

A Roadmap Matters More Than a 20-Hour Workday

Looking back, Cohan would tell his younger self to work smarter rather than simply longer. He argues for defining the objective and a roadmap, then finding a productive middle ground between unsustainable 20-hour days and expecting success from minimal effort.

  • Youthful energy can disguise inefficient work
  • Daily advancement matters more than raw hours
  • A clear objective and roadmap direct effort
  • Cohan recommends a sustainable middle ground

working 20 hours a day because you have the energy at 22 23 years old may not be the answer

Michael Cohan · 28:00

understanding what you're trying to achieve and having a road map to there doesn't equal to every single day having to work 20 hours

Michael Cohan · 28:30
#time management#roadmaps#work smarter#goals
Takeaway29:00

Follow the Work You Like—but Keep a Backup Plan

For a twenty-year-old trying to build wealth, Cohan recommends finding work they genuinely like and can imagine doing every day. He also urges aspiring social-media creators to maintain a practical fallback because many people do not have the stamina to build a large platform.

  • Do not enter a field hoping that interest will appear later
  • Test whether the work remains appealing as a daily reality
  • Social-media ambitions do not remove the need for support
  • A backup plan protects against a platform career that does not work out

find what you really like to do don't get into a business because you think or you hope that one day you're going to like…

Michael Cohan · 29:30

you do have to have a backup plan

Michael Cohan · 30:00
#career choice#wealth building#social media#backup plan
Takeaway33:30

Cohan's Best Advice: Do Not Be Deterred by Failure

Cohan says failure in business or in personal goals should become a source of learning. Experiencing setbacks can build experience, personal growth, and better future judgment when fear does not stop the attempt.

  • Failure can occur in business or personal pursuits
  • Setbacks create opportunities to learn
  • Experience grows through unsuccessful attempts
  • Fear of failure should not prevent action

I I'm a big believer that you learn based on your failures

Michael Cohan · 34:00

never fear failure in itself because it gives you the opport opportunity only to be a better person

Michael Cohan · 34:00
#failure#learning#resilience#personal growth
Takeaway36:30

Cohan's Rule for His Children: Contribute Value to Society

Cohan would give his children more freedom than his father gave him when directing his first career step. His central standard is that they may choose what they want to do as long as they contribute value to society, act as good people, and do good to others.

  • Cohan wants his children to choose their own work
  • Social contribution is his primary standard
  • Character and treatment of others matter alongside career choice
  • His parenting approach differs from the directive path his father used

I would like to give my children the opportunity to be valuable to society that's my number number one rule

Michael Cohan · 37:00

whatever you want to do do it um but contribute to the value of society

Michael Cohan · 37:30
#parenting#values#social contribution#career choice
Takeaway42:00

Legacy Is the Quality Time People Remember, Not the Money

Cohan says a life should be judged by character, experiences, and time spent with friends and family rather than financial success alone. Money will be spent, but the quality of the person and the memories created with others can remain as a legacy.

  • Financial achievement is not the final measure of a life
  • Experiences with friends and family carry lasting value
  • Quality time shapes how a person is remembered
  • Cohan wants to enjoy more family time as his children grow

no one leaves uh this planet saying I wish I could work another day

Michael Cohan · 43:30

the quality of the person and the memories you build with them is what's going to be your legacy that you leave behind

Michael Cohan · 44:00
#legacy#family#memories#quality time