He replaces Martijn Van der Heijden of HSBC, who has held the position since August 2011.
Nigel Terrington has been Paragon's chief executive since June 1995, having served as its treasurer and finance director after joining in 1987. He is a member of HM Treasury's Home Finance Forum and a previous chairman of the Intermediary Mortgage Lenders Association and previous chairman and board member of the Finance and Leasing Association. He has been deputy chairman of the CML since August 2011.
On taking up his appointment, Nigel commented:
"I would like to thank Martijn for his contribution to the CML as chairman and deputy chairman since 2009. Regulatory change and the movement towards a more sustainable housing market have been key issues throughout Martijn's tenure and I look forward to building on his good work.
"The mortgage industry is now slowly starting to emerge from its period of difficulty, despite the underlying economic conditions. One of my key objectives will be to ensure that we harness the expertise that exists within the industry to help build a successful and sustainable market of the future, and also to assure the wider market - and mortgage customers - that lenders really are open for business.
I am keen to continue to develop existing relationships with regulators and work with them in adapting to new regimes, ensuring that the mortgage lender's voice remains heard."
Mr Terrington is supported by two deputy chairmen - Steven Noakes, commercial director for mortgages at Lloyds Banking Group and Moray McDonald, head of mortgages at RBS and NatWest.
