Fearon (pictured) will replace Lloyd Cochrane, head of mortgages at Royal Bank of Scotland, who is stepping down after completing his two-year term.
Deputy chair positions have been awarded to Michelle Andrews, head of buying a home at HSBC, and Damian Thompson, managing director of Aldermore Bank.
Fearon spent ten years at Lloyds Banking Group in senior mortgage and savings roles. He became chief executive of Leeds Building Society in February 2019.
The UK Finance Mortgages Product and Service Board is one of the trade body’s specialist forums which brings together senior industry figures to discuss key issues facing the mortgage sector.
Charles Roe, director of mortgages at UK Finance, said: “Next year will be a busy time for the mortgage market as we deal with the continuing effects of the pandemic and new requirements to green Britain’s housing stock. Richard’s extensive mortgage experience will be key to our work to support members and their customers in 2022.
“I would like to thank Lloyd for his contribution over the last two years and welcome our new deputy chairs Michelle Andrews and Damian Thompson to the board.”
Fearon added: “As a group of lenders we can show leadership in our work with the government and regulators on industry priorities, including decarbonising the UK’s housing stock and encouraging innovation to bring home ownership within reach of more people.”