Bolton, now European sales and marketing director of Clayton Eurorisk, said: “I wouldn’t go for this job – it doesn’t pay well enough.”
Speculation has been growing as to who will replace Coogan later this year.
Names in the frame include chief executive of Home Funding Tony Ward, existing CML head of policy Jackie Bennett, and former CML senior policy adviser Kate Davies who was with the body for 17 years before joining regulation consultancy Joseph & Hepple-Wilson.
Ward has been CML deputy chairman, chairman of the Intermediary Mortgage Lenders Association and has held senior roles at Britannic Money and the Mortgage Funding Corporation.
He is also currently chairman of the Mortgage Funding Group which seeks to make sure the government and regulators understand the funding issues facing the mortgage market.
Bennett, who has been with the CML since 2001, was formerly at the Association of British Insurers and also spent 13 years at the government’s home office.
Others rumoured to be in the running include CML head of member and external relations, Sue Anderson who has been with the trade body for 21 years.
Robert Sinclair, director of the Association of Mortgage Intermediaries; Paul Broadhead, head of mortgage policy at the Building Societies Association; Fiona Hoyle, Finance and Leasing Association head of consumer finance and a former senior lawyer at the CML; and David Dooks, statistics director at the British Bankers' Association are also rumoured to be up for consideration.
None of the potential candidates was available for comment and the CML would not confirm whether it had seen any of them as part of the interview process, which is ongoing.
Bolton said: “I suspect it will be a contest between Tony Ward and Kate Davies. Kate will pip the other CML candidates to the post but if they’re looking for new blood I personally think Tony Ward would be a very good choice.
“The only thing counting against him is that the CML is now a de facto government agency funded mostly by the UK taxpayer via Lloyds Banking Group and Royal Bank of Scotland. They may not want someone as strongly opinionated as Tony about the action and intervention required to kick-start the housing and mortgage markets.”
Andrew Montlake, communications director at Coreco, said: “These are all good candidates who would each bring different skills to the role. I think we need someone who understands all points of view from lenders to brokers to the regulator and government. I’d hope to see someone who has an open-minded approach to the role the CML can play get it.”
Alison Beech, business relationship director at Spicerhaart, said the role needs a strong industry character.
She said: “I’d be very surprised if it went to anyone outside the industry. At a time of market fragility we need someone with a deep understanding of industry issues and experience to back it up.”
