Bunton has been deputy chair for four years and will take up the post from January 1, 2013.
Fellow deputy chair, Legal & General’s Stephen Smith, has decided to take a back seat but will remain an active board member.
The board is also looking to recruit two new “practitioner” members and is welcoming enquiries from individuals within member firms or networks that spend more than 75% of their working week advising on mortgages.
Robert Sinclair, AMI chief executive, said: “AMI has completed the next stage of its development to ensure it is listening to the broadest range of views, improving its ability to represent the membership, and is able to lobby in the most effective way. To deliver this we are making three changes to our structure with effect from 1 January 2013.
“Our current Chairman, Lord Deben, will become President still taking an active role in the management of the Association, attending Board meetings and assisting in representational activity. The Board wishes to thank Lord Deben for his vision in helping AMI to continue to evolve.
“The AMI Board has decided that, in keeping with other trade bodies, it should have a Chairman elected from within its Board. Following the recent election process, Patrick Bunton, of London & Country, will be taking up this position with effect from 1 January 2013. Patrick has been Deputy Chairman for four years.
“The Board extends its deepest appreciation for the work of his fellow Deputy Chairman, Stephen Smith of Legal & General. Stephen has been on the board of AMI since its inception almost 10 years ago and has held the position of Deputy almost as long. Prior to the election Stephen decided to take a step back after the significant work in bringing AMI to full “independence”, which would not have happened without his leadership, guidance and drive. Stephen will remain an active member of the AMI Board.”
The Rt Hon Lord Deben said: “During 2012, I have been impressed by the strength, unity and purpose of the AMI Board. Now is the right time for it to continue to develop. I am delighted to be taking on this new role, where I will provide continuity, input and be able to support delivering a better housing and mortgage market for Britain and consumers. A vibrant housing market is essential to economic recovery and AMI has a strong role to play in building confidence and ensuring consumers have access to funding”.
Patrick Bunton said: “An effective AMI is an important part of ensuring we have a robust mortgage market in the UK. In taking up this role I am determined to work on behalf of the wider industry and all our members to ensure that politicians and regulators are alive to the real issues and the fact that brokers deliver great outcomes for consumers.
“I am looking forward to working with the executive team and our new President to deliver a better market for intermediary firms. Although Stephen Smith is stepping back at this time I know that I will continue to be able to call on his expertise.”
