A longtime fixture in the California mortgage industry is retiring.

On Wednesday, the California Mortgage Bankers Association announced that its leader of more than 21 years, Susan Milazzo, is preparing to retire as part of a planned leadership transition. Paul Gigliotti was unanimously appointed her successor as CEO, effective Oct. 1.

Milazzo started at California MBA in April 2004 as executive director, and was named CEO in January 2018.

“Throughout that time, what I will carry with me most is the unwavering sense of purpose and community that has sustained us — especially through difficult markets and shifting regulatory landscapes,” Milazzo told Scotsman Guide in an email. “I’m proud that, under our leadership, California MBA has remained steadfast in our mission: to advocate for responsible access to credit, to educate industry professionals, and to support our members through every cycle.”

The California MBA stated in a press release that to ensure a seamless transition for the industry and its members, Milazzo will be staying on as a consultant for the following year.

Milazzo reflected on her proudest achievements with the organization, citing “navigating California MBA through some of the most challenging legislative and regulatory seasons in California’s history, while preserving our voice and protecting our members.”

She also identified institutional strength as a point of pride, “building a stable, credible organization that can withstand market volatility and continue to serve its mission.”

Throughout this time, she stated, another accomplishment was member focus and “cultivating real relationships across residential, commercial and service-provider segments — ensuring California MBA is known not only for policy but for value on the ground.”

Gigliotti is a veteran mortgage leader with over 20 years of experience in the financial services and technology industries. His prior experience with organizations like Axis Lending Academy and Pinnacle Home Loans, as well as his service on the California MBA’s board of directors, has prepared him to lead the association and its members into the future, the California MBA said.

“The California MBA already has a strong sense of community, but I want to take it further,” Gigliotti told Scotsman Guide. “My focus is on ensuring that members don’t just hear about the value we provide — they experience it in real time through active participation, clearer communication and more opportunities to engage.”

He added: “I want every member to feel connected to our advocacy, our education and our events in a way that directly benefits their business. At the same time, I believe California MBA can strengthen its voice by building deeper relationships with other associations and organizations across the industry. By expanding both member engagement and external partnerships, we can amplify our impact and make sure California MBA is the place where the industry comes together.”

As a leader at a state-level mortgage association, Gigliotti sees California facing the same broad challenges as the rest of the nation, but often more intensely.

“Affordability and housing supply are at crisis levels, and the state’s insurance market has added another layer of uncertainty for homeowners and lenders alike,” he said. “On top of that, emerging legislation like the Automated Decision Systems / AI Bill AB 1028 could reshape how lenders use technology, creating both compliance hurdles and opportunities.”

Gigliotti concluded, “In many ways, California is a preview of what’s ahead nationally, which is why the California MBA’s role — balancing innovation, advocacy and clarity — is more important than ever.”

CMBA board members extended their gratitude to Milazzo and welcomed Gigliotti to his new role.

“I am fully supportive of this leadership transition and believe that Paul is the right choice to lead the California MBA. I am excited about the future of the association under his guidance,” California MBA Chairman Gary Bechtel commented in the statement. “He brings a fresh perspective and a strong commitment to our industry, and I look forward to working closely with him to advance the interests of all our members across the state.”