Source One Mortgage Services Corp. reported net income of $3.1 million for the quarter ended Dec. 31, including an unrealized after-tax investment gain, versus a net loss of $31.8 million in 1996.
The company's 1997 profit included unrealized gains associated with its investment in New York-based Financial Security Assurance Holdings Ltd., which it acquired last year.
For the year ended Dec. 31, Source One reported comprehensive net income of $27.6 million, compared with a comprehensive net loss of $4.3 million in 1996.
Loan production in the fourth quarter was $1.7 billion, compared with $728 million in the fourth quarter of 1996.
Last year Source One had $26.5 billion in its mortgage loan servicing and subservicing portfolio.