Stephen Noakes, mortgage director for Lloyds Banking Group, has been appointed chairman of the Council of Mortgage Lenders, replacing Nigel Terrington, chief executive of the Paragon Group of Companies, who has been chairman since January.
Mr Noakes, who will take up his post in the New Year, was previously one of two deputy chairmen at the CML and has been at Lloyds for six years. He initially served as marketing director for Cheltenham & Gloucester before becoming commercial director for mortgages during the bank’s merger with HBOS.
Mr Noakes said there were “significant challenges” ahead for the mortgage industry, highlighting the need for a “smooth transition” to the upcoming regulations set out by the Mortgage Market Review.
He added: “We will also be seeking to ensure that Help to Buy delivers sustainable benefits, and that we have a longer-term strategy for moving out of the scheme in a way that does not disrupt the market.”
Moray McDonald, interim managing director of products and marketing at the Royal Bank of Scotland, will continue to be one of two deputy chairmen at the CML alongside Andy Gray, managing director of mortgages and retail lending at Barclays.
The CML is also introducing a new category of membership for third party mortgage administrators from January “to reflect the composition and structure of today’s mortgage industry”, according to a statement. Third party mortgage administrators have previously been classified as associates of the CML.
HML has become one of the first in the industry to join the new category, with chief executive Andrew Jones saying that CML membership allowed the firm to up its contribution to “key debates” in the industry.