McCormick will replace Derek Wilson of Ulster Bank in the role, who had held the position with the trade organisation since April 2011.
The new chairman has spent 12 years working in the Northern Irish mortgage market and was appointed head of mortgages at First Trust in August 2012.
McCormick said that with property prices continuing to struggle, lenders in Northern Ireland faced a particularly tough challenge.
“The market in Northern Ireland continues to face challenges but the rise in first-time buyers in 2012,” he said.
“Together with the flow on effects of the Funding for Lending scheme and Help to Buy mortgage guarantee due in January next year, give grounds for optimism that the mortgage market in Northern Ireland is on the road to recovery.”
“I look forward to taking on the challenge as Chairman of CML Northern Ireland and would like to thank Derek for his good work since 2011.
