Thrift Mortgage Servicing Profits Continued to Improve in 4th Quarter of 2003, Valuations Rising The thrift industry reported its second consecutive quarter of positive profitability in the mortgage servicing business during the final three months of 2003. After five quarters of being wracked by rising impairment costs and amortization expenses, thrifts reported a modest $140.5 million net profit from mortgage servicing in the third quarter and $800.1 million in the fourth, according to the Office