Mormon's rhetorical question obviously implies that hope must precede faith. Yet, other scriptures teach that hope is a product of faith, hope cometh of faith, maketh an anchor to the souls of men (Ether 12:4). So which comes first, hope or faith? The answer is that there is a hope which must precede faith and a hope which must follow faith.
Conceptually, the hope which precedes faith is quite different than the hope which follows faith. The hope which precedes faith is the desire in one's heart that God lives and that Jesus is the Christ. It is that initial wish which prompts the exercise of faith. Alma 32:27 speaks of this hope, let this desire (hope) work in you, even until ye believe (faith). This type of hope is so essential to the development of faith that it becomes part of the definition, faith is things which are hoped for and not seen (Ether 12:6).
On the other hand, the hope which follows faith is much more than a wish. It is the calm assurance that one will be resurrected unto eternal life through the power of Christ's atonement. This hope is a virtue of the spiritually mature, for those who have this hope are not focused on the mundane of this world. Rather, their focus is on a better life, whoso believeth in God might with surety hope for a better world, yea, even a place at the right hand of God, which hope cometh of faith, maketh an anchor to the souls of men, which would make them sure and steadfast, always abounding in good works, being led to glorify God (Ether 12:4). As Paul said, That being justified by his grace (through faith), we should be made heirs according to the hope of eternal life (Titus 3:7).