But here’s the rub: His task of helping the company’s originators optimize their volume comes on the heels of significant losses for the company – revenue of $207.9 million, down 58.7% over the same period last year for the fourth quarter ended March 2023. Total revenue declined from $3.7 billion during 2021 to $1.3 billion during 2022, largely attributable to lower market volumes and an exit from the wholesale channel.
Undeterred, he is determined to help achieve a turnaround for the company – market conditions notwithstanding: “All of us are pulling on the same side of the rope when it comes to dealing with this market,” he told MPA in a recent interview. “Some stuff is just the wave you own. That’s the ocean that we’re all in – every mortgage company – and they need to figure out their strategy in terms of how to navigate expenses to revenue, etc.”
Bringing in business like riding a bike
Understanding the assignment, Hanson is intent on righting the ship “I am going to move the needle, and I believe in significant ways,” he said. “I’m going to help our loan officers become more productive. I’m going to help them market in unique and new ways that attract new customers and bring new business to our company. I’m going to help our brand, loanDepot, do the same thing.”
It’s like riding a bicycle: “Even when I was a loan officer, my job was to bring loans for the company,” he said. “I haven’t forgotten that. Our job is to make human connections and help people have homeownership. We’ve got great originators here who are hungry for it and great people joining every day who see the same thing. So this is just part of the ecosystem I get to support.”
Which is all to say the storm will eventually subside. In extending such meteorological analogies, one might remember the words of British author Vivien Greene: “Life isn’t about waiting for the storm to pass. It’s about learning to dance in the rain.”
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