Cochrane said it is a period of challenge and opportunity in the Scottish mortgage market.
He succeeds Carol Anderson, Scotland branch and business banking distribution director at TSB Bank.
Cochrane has worked at Lloyds Banking Group for almost four decades, beginning his career in the Halifax retail branch network.
He has previously served as chair of the Council of Mortgage Lenders (CML) Scotland and as a member of the National House Building Council (NHBC).
Jackie Bennett, director of mortgages at UK Finance said: “It’s an incredibly important time for the Scottish Mortgage industry, with a number of challenging issues to work on, delivering the right outcomes for consumers as well as driving the housing agenda forward.
“Douglas has a wealth of industry experience which will be integral in assisting the Committee in achieving its key objectives. I am grateful to Carol Anderson, who Douglas succeeds, for her dedication and valuable contribution to the Committee.”
Cochrane added: “We are moving through a period of challenge and opportunity in the mortgage market in Scotland, and working together will be crucial to its continued success.
“I’m looking forward as chair to maintaining the strong collaborative approach that will help us to shape the future of the industry for the benefit of our members, intermediaries and consumers.”