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.

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