At the end of March, mortgage companies were servicing just shy of $9.5 trillion in home loans, a 4% decline from a year ago, and a sign that foreclosures and ‘cash-in’ refinancings are continuing to play a key role in reducing residential debt.According to figures compiled by National Mortgage News (NMN) and the Quarterly Data Report (QDR), mortgage debt outstanding in the U.S. (servicing rights) peaked at $10.1 trillion in 4Q09. Since then it’s been a steady slide as consumers default on their loans, removing those mortgages from the dockets of the nation’s servicing companies – especially larger players such as Bank of America, Wells Fargo & Co., and Chase.

NMN/QDR found that BofA and Wells continue to dominate the servicing landscape, controlling just over 40% of the housing receivables market.

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