The nation’s thrift industry reported a 180 degree turnaround in the financial performance of its mortgage servicing business during the first quarter of 2005. After posting a $732 million net loss in fee income on mortgages serviced for other investors during the first quarter of 2004, the industry reported $740.6 million in net profits during the first three months of this year. MSR fee income is net of impairment and amortization costs, which were high…