California-based lender loanDepot has promoted Alec Hanson, the company’s senior vice president of production for the West division, to the role of chief marketing officer.
In this role, Hanson will lead a consolidated marketing team and oversee the development of the brand, digital marketing, and the organic and digital lead generation campaigns, the company said.
Hanson will also be responsible for the company’s originator-led field-level marketing capabilities.
“I’m thrilled to be able to bring my sales-centric mindset and background into this role to further transform our marketing ecosystem both digitally and locally in the communities we serve,” Hanson said in a statement.
Hanson’s promotion comes at a time when the lender is focused on propelling forward its Vision 2025 strategic plan, which includes rightsizing its operations as the company is in the red.
The Vision 2025 plan, announced in July 2022, also includes components such as increasing focus on purchase transactions; rightsizing cost structure; and launching an all-digital home equity line of credit (HELOC), which the lender rolled out in Q4 2022.
The lender closed its wholesale channel in Q3 2022 after its origination volume plummeted in the face of increased broker competition. In its latest Q1 2023 earnings call, loanDepot posted a loss of $60.2 million in non-GAAP adjusted net income, an improvement in margins and revenue from the previous quarter.
The company expects higher production and a further reduction in controllable expenses that will help the lender narrow losses in Q2.
“With his social media savvy and industry expertise, Hanson understands the evolution of today’s homebuyers and is poised to disrupt the traditional mortgage marketing mindset as he works to further differentiate loanDepot in the minds of its many stakeholders,” the company said in a statement.