Magazine article American Banker

Source One Posts $18.5 Million Profit after Suffering Loss in '94 1st Quarter

Magazine article American Banker

Source One Posts $18.5 Million Profit after Suffering Loss in '94 1st Quarter

Article excerpt

Source One Mortgage Services Corp., Farmington Hills, Mich., reported a profit of $18.5 million for the quarter ended March 31. It included an $18.3 million after-tax gain on the sale of $9.9 billion in mortgage servicing rights and a $700,000 extraordinary after-tax loss on the early retirement of debt. The sale represented about 25% of the company's

servicing portfolio.

The profit was in contrast to a loss of $35.2 million a year earlier, reflecting a $44.3 million after-tax charge related to a change in the method for measuring impairment of the company's purchased mortgage

servicing rights.

Excluding the effects of the gain on the sale of servicing, the

extraordinary loss, and the accounting change, net income for the first quarter decreased to $800 million from $9.1 million a year earlier. The drop reflected lower revenues related to the rapid erosion of mortgage originations.

Separately, Triad Guaranty Inc. …

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