Coogan will work in a strategic consulting capacity to Deloitte’s financial services practice and will advise on regulation and the Mortgage Market Review.
Coogan held the role of Council of Mortgage Lenders director general for 15 years until he stepped down in August 2011 and Paul Smee took over.
The role of ambassador at Deloitte is a part-time role and was created for Coogan.
He will report to Stephen Williams, head of financial services practice.
Williams said: “I am delighted Michael will be joining Deloitte. He is recognised as one of the leading experts in his field and his appointment further strengthens an impressive team that is well placed to help clients meet and overcome the challenges ahead and take advantage of future opportunities.
“In particular, with the regulatory changes in the mortgage market, this will allow us to deliver to our clients tailored solutions and insights in these uncertain times.”
Coogan said: “I am looking forward to joining Deloitte in this new role at a time of major change in retail financial services.
“The breadth of commercial challenges will need careful management in the next few years and I look forward to applying my knowledge and experience from the CML to support the advisory group and a range of Deloitte clients.”
