A funny thing happened on the way to the mortgage correction: while residential debt outstanding has been declining steadily for well over a year, subservicing contracts have increased – handsomely.

According to survey figures compiled by ASR sister publication National Mortgage News (NMN) and the Quarterly Data Report (QDR), the nation's subservicers were processing $386 billion of loans at Sept. 30, a 20% increase from the same period a year earlier.

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