BOSTON — Loans that don't comply with the Consumer Financial Protection Bureau's qualified mortgage rules present an opportunity for credit unions, because they will represent about 25% of all mortgage loan production, said Barry Stricklin, vice president of real estate lending for the $2.7 billion Tower FCU.

The Laurel, Md.-based executive presented a breakout session on project management for new mortgage rules Wednesday afternoon at NAFCU's Annual Convention at the Hynes Convention Center in Boston.

Also at NAFCU Annual Conference:

“I've heard Bank of America say they aren't going to make any non-QM loans, and I hope they do that,” Stricklin said. “There is an opportunity here to fill that void. I'd encourage you to be part of that lending world that says you'll do it. You shouldn't be afraid to stand behind your underwriting.”

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