The most interesting ideas will be shortlisted and finalists will be invited to its annual conference to give a presentation of the idea.
In its newsletter the CML said: “If you think it all sounds a bit gimmicky or ‘Mortgage Industry’s Got Talent’ don’t be fooled. This is fun with a serious purpose.
“At the CML we’re proud of the mortgage industry and we want to promote continuous improvement and give new ideas, new voices and new ways of thinking a chance to be heard. Our board are fully supportive and hope participants from their own organisations and beyond will get involved.”
Support on how to give a presentation will be offered to all finalists and a prize is available for the winner as well as the accolade of being the originator of best idea to be put into practice.
Panellists and audience members at the conference will vote on which idea they think is best.
The conference will be held on 5 November.