Martin Reynolds, chief executive of SimplyBiz Mortgages and David Copland, director at TMA Mortgage Club, will both replace Smith as deputy chairs with immediate effect.
Smith (pictured), leaves the position after 12 years on the board since the intermediary trade body was launched.
AMI said: “The Board extends its deepest appreciation for the long service and support given by Stephen over the years.”
AMI’s president, The Rt. Hon the Lord Deben, will also step down from the board. A replacement has not yet been announced.
Pat Bunton has confirmed he will stay on as chairman for a further 12 months, after taking on the role in January 2013.
Robert Sinclair, chief executive of AMI said: “These changes equip AMI for the challenges that lie ahead in dealing with the Mortgage Competition Review, FSCS funding changes and the advent of the Senior Managers Regime. The Association is committed to working with firms to act in their best interests.”
Meanwhile, the trade body has opened nominations for certain board positions. Elections will take place in AMI’s regional and national firm constituencies, the network constituency and three of the practitioner constituencies. There will also be a vacancy in a new constituency for mortgage clubs, which L&G’s Smith will stand for.
Any AMI member firm who falls under one of the constituencies can nominate a member of their senior management team to stand for election. To stand individuals must complete a nomination form and be nominated by an AMI member from within the same constituency. Nomination forms must be returned to AMI by 18 November, which can be obtained by emailing email@example.com.