----

----

| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934. |
|---|------------------------------------------------------------------------------------------|

| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------------|

| DELAWARE                                                      | 05-0554486                          |
|---------------------------------------------------------------|-------------------------------------|
| (State or other jurisdiction ofincorporation or organization) | (I.R.S. EmployerIdentification No.) |

| Large accelerated filer | o | Accelerated filer         | o |
|-------------------------|---|---------------------------|---|
| Non-accelerated filer   | o | Smaller reporting company | x |

| Class                          |      | Outstanding at May 16, 2011 |
|--------------------------------|--------------------------|-----------------------------|
| Common Stock, $.0001 par value |                     | 38,854,099                  |

----

| Item 1. | Financial Statements                                                                        |
|---------|---------------------------------------------------------------------------------------------|
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk                                  |
| Item 4. | Controls and Procedures                                                                     |

| Item 1.  | Legal Proceedings                                           |
|----------|-------------------------------------------------------------|
| Item 1A. | Risk Factors                                                |
| Item 2.  | Unregistered Sales of Equity Securities and Use of Proceeds |
| Item 3.  | Defaults Upon Senior Securities                             |
| Item 4.  | (Removed and Reserved)                                      |
| Item 5.  | Other Information                                           |
| Item 6.  | Exhibits                                                    |

----

----

|   | 1. | MortgageBrokers.com Inc. - an Ontario, Canada provincially incorporated company that currently holds our licensure for operating as a mortgage broker in the Province of Ontario; |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | MortgageBrokers.com Financial Group of Companies Inc. - a Canadian federally incorporated company, which currently holds our licensure for operating as a mortgage broker in the Provinces of Newfoundland, Nova Scotia, New Brunswick, Prince Edward Island, Saskatchewan and Alberta; |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | MBKR Holdings Inc., - a Canadian federally incorporated company, incorporated on November 24, 2008 for the intended centralization of back office services in Canada; and, |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4. | MBKR Franchising Inc., - a Canadian federally incorporated company, incorporated on January 30, 2009 through which the Company is a mortgage brokerage franchisor selling the MortgageBrokers.com business system in Canada. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | a general increase of approximately 5% in the foreign exchange rate over the period in 2011 from its comparative in 2010 that the Company was exposed to as all of our operations are currently in Canada; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | the loss of one of our larger mortgage origination agent teams, which at the time represented approximately 29% of our national book of business, early in our first quarter of 2010; and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | the organic growth of our book of business and increases due to ongoing recruitment efforts. |
|--------------------|----------------------------------------------------------------------------------------------|

----

| ·   | The expense during the period associated with our agent stock-based compensation program decreased significantly in 2011 as compared to 2010, primarily due to 77% decrease in our stock price between the periods.  Management has no control or influence over our stock price and there are no visible trends in stock-based compensation as they may relate to our results of operations to-date. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 81% of the operating expenses in the reporting period were associated with agent commissions.  Reported agent commission fees in the reporting period, as a percent of revenue, increased 12% in the 2011 reporting period as compared to that of 2010.  Actual commission fee expenses increased only 9% from the same period in 2010 to 2011, associated in part to the net effect of an approximately 5% increase in foreign exchange between periods and some gross margin erosion due to an increase of commission splits with select larger Company agent teams. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 12% of the operating expenses in the reporting period were associated with salaries and benefits.  Reported salaries and benefit expenses were generally flat between the periods in 2010 and 2011. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 5% of our operating expenses in the reporting period were associated with general and administrative expenses.  General and administrative expenses decreased 60% to $145,891 in 2011as compared to that of 2010 as the Company entered into a cost sharing program with a related third-party company. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Over the first three months of 2011, there were nominal foreign exchange differences in the price of the Canadian dollar (that the Company was exposed to as all of our operations are currently in Canada) as compared to the US dollar (what we report in on a consolidated basis). From December 31, 2010 (1.0015) to March 31, 2011 (1.0314), the value of the Canadian dollar increased by 2.6 % relative to the US dollar with an average over the period of 1.0015 relative to the US dollar. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The Company’s cash position was flat and nominally increased by $8,937 over the first three months of 2011, augmented with a foreign exchange balance primarily associated with the following: |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | the Company lost $399,923 in cash from operating activities over the first three months of 2011 as the first quarter of the year is seasonally the slowest; |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | the Company gained $413,574 in cash from financing activities over the first three months of 2011 as we received a shareholder loan; |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------|

| o   | the Company lost $4,714 in cash from investing activities over the first three months of 2011; and |
|---------------|----------------------------------------------------------------------------------------------------|

| o   | the Company had an increase in foreign exchange balances of $19,400 over the period. |
|---------------|--------------------------------------------------------------------------------------|

| ·   | Accounts payable decreased by 13% over the reporting period. The bulk of this payable amount is work in progress payable following the completion of mortgage agent origination compliance procedures. Work in progress payable is lower over the reporting period matching a decrease in mortgage originations associated with the loss of one of our larger mortgage agent teams early in the first quarter of 2010 as previously reported. Work in progress mortgage agent commissions payable are typically outstanding for 10 business days. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The Company is in arrears on the tax withholdings due to Canada Revenue Agency (“CRA”) related to employee salaries. As at the end of the reporting period, the company had a tax liability with CRA of $203,016.  CRA has registered a Certificate in the Canadian Federal Court and the Property Register of Ontario for the amount owing to CRA against one of the Company’s Canadian subsidiaries. Currently the company has an arrangement with CRA whereby we make payments on this outstanding amount decreasing both principle and interest monthly. The liability currently bears interest at 9% annually. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

| MORTGAGEBROKERS.COM HOLDINGS, INC. |
|------------------------------------|

| By:    /s/ Alex Haditaghi                             |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|            Alex Haditaghi                                                                                                                                           |
|            Principal Executive Officer,                                                                                                                             |
|            Principal Accounting Officer,                                                                                                                            |
|            President, Secretary and Director                                                                                                                        |

| NAME                     |   |         TITLE                             | DATE         |
|--------------------------|--------|-----------------------------------------------------------------------------------|--------------|
|                     |   |                                                                              |         |
|  /s/ Alex Haditaghi |   |         President, Secretary and Director | May 16, 2011 |
| Alex Haditaghi           |   |                                                                              |         |
|                     |   |                                                                              |         |

----

|       MORTGAGEBROKERS.COM HOLDINGS, INC. AND SUBSIDIARIES  CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS  MARCH  31, 2011 AND 2010  UNAUDITED        |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Condensed Consolidated Interim Balance Sheets                                                  | F2     |
|------------------------------------------------------------------------------------------------|--------|
|                                                                                           |   |
| Condensed Consolidated Interim Statements of Operations and Comprehensive (Loss) ((Incom(Loss) | F3     |
|                                                                                           |   |
| Condensed Consolidated Interim Statements of Cash Flows                                        | F4     |
|                                                                                           |   |
| Notes to Condensed Consolidated Interim Financial Statements                                   | F5-14  |

----

|                                                                                                                                            |   | March 31, 2011 (Unaudited) |       |   | December 31,2010 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------|------------|--------|------------------|--------|
| ASSETS                                                                                                                                          |   |
| Current Assets                                                                                                                                  |   |                       |       |   |             |   |
| Cash and cash equivalents                                                                                                                       |   | $                          | 780,759    |   |             | $      | 752,422 |   |
| Prepaid expenses                                                                                                                                |   |                       | 44,807     |   |             |   | 43,765 |   |
| Total Current Assets                                                                                                                            |   |                       | 825,566    |   |             |   | 796,187 |   |
| Equipment, net (note 3)                                                                                                                         |   |                       | 83,665     |   |             |   | 85,598 |   |
| Equipment Under Capital Leases (note 4)                                                                                                         |   |                       | 1,410      |   |             |   | 1,463 |   |
| Total Assets                                                                                                                                    |   | $                          | 910,641    |   |             | $      | 883,248 |   |
| LIABILITIES AND STOCKHOLDERS' DEFICIT                                                                                                           |   |
| Current Liabilities                                                                                                                             |   |                       |       |   |             |   |   |   |
| Accounts payable and accrued liabilities                                                                                                        |   |                       | 1,107,712  |   |             |   | 1,266,166 |   |
| Advances from related parties (note 5)                                                                                                          |   |                       | 910,751    |   |             |   | 482,832 |   |
|                 Employee tax deductions payable (note 6)        |   |                       | 203,016    |   |             |   | 231,023 |   |
| Stock-based compensation accrual - current portion (note 7a)                                                                                    |   |                       | 7,395      |   |             |   | 7,395 |   |
| Total Current Liabilities                                                                                                                       |   |                       | 2,228,874  |   |             |   | 1,987,416 |   |
| Stock-based Compensation Accrual (note 7b)                                                                                                 |   |                       | 23,302     |   |             |   | 22,486 |   |
| Total Liabilities                                                                                                                               |   |                       | 2,252,176  |   |             |   | 2,009,902 |   |
| Commitments and Contingencies (notes 1 and 14)                                                                                                  |   |                       |       |   |             |   |   |   |
| STOCKHOLDERS' DEFICIT                                                                                                                           |   |
| Capital Stock                                                                                                                                   |   |                       |       |   |             |   |   |   |
| Preferred stock, $0.0001 par value; 5,000,000 shares  authorized, none issued                                                              |   |                       | -          |   |             |   | - |   |
| Capital stock, $0.0001 par value; 100,000,000 shares  authorized; 38,854,099 (2010: 38,854,099) issued and  outstanding (note 8) |   |                       | 3,885      |   |             |   | 3,885 |   |
| Additional Paid-in Capital                                                                                                                      |   |                       | 6,018,363  |   |             |   | 6,018,363 |   |
| Additional Paid-in Capital - Warrants (note 9)                                                                                                  |   |                       | 175,365    |   |             |   | 175,365 |   |
| Treasury Stock (note 10)                                                                                                                   |   |                       | (27,286    |   |             |   | (27,286 |   |
| Accumulated Other Comprehensive Income                                                                                                          |   |                       | 74,324     |   |             |   | 100,895 |   |
| Accumulated Deficit                                                                                                                             |   |                       | (7,586,186 | )      |             |   | (7,397,876 | ) |
| Total Stockholders' Deficit                                                                                                                     |   |                       | (1,341,535 | )      |             |   | (1,126,654 | ) |
| Total Liabilities and Stockholders' Deficit                                                                                                     |   | $                          | 910,641    |   |             | $      | 883,248 |   |
|                                                                                                                                            |   |                       |       |   |             |   |   |   |

----

|                                                                      |   | 2011   |       |   | 2010   |   |
|---------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
|                                                                      |   |   |       |   |   |   |
| Revenue                                                                   |   | $      | 2,927,206  |   |   | $      | 3,117,297 |   |
|                                                                      |   |   |       |   |   |   |   |   |
| Expenses                                                                  |   |   |       |   |   |   |   |   |
| Commission and agent fees                                                 |   |   | 2,536,636  |   |   |   | 2,332,434 |   |
| Salaries and benefits                                                     |   |   | 364,022    |   |   |   | 369,658 |   |
| General and administrative expenses                                       |   |   | 145,891    |   |   |   | 364,945 |   |
| Stock-based compensation (note 7a)                                        |   |   | -          |   |   |   | 69,822 |   |
| Stock-based compensation (note 7b)                                        |   |   | 816        |   |   |   | 14,790 |   |
| Occupancy costs (note 11)                                                 |   |   | 59,281     |   |   |   | 38,803 |   |
| Depreciation expense                                                      |   |   | 8,870      |   |   |   | 8,521 |   |
|                                                                      |   |   |       |   |   |   |   |   |
| Total Operating Expenses                                                  |   |   | 3,115,516  |   |   |   | 3,198,973 |   |
|                                                                      |   |   |       |   |   |   |   |   |
| (Loss) from Operations and Before Income Taxes                            |   |   | (188,310   | )      |   |   | (81,676 | ) |
|                                                                      |   |   |       |   |   |   |   |   |
| Provision for income taxes                                                |   |   | -          |   |   |   | - |   |
|                                                                      |   |   |       |   |   |   |   |   |
| Net (Loss)                                                                |   |   | (188,310   | )      |   |   | (81,676 | ) |
|                                                                      |   |   |       |   |   |   |   |   |
| Foreign Currency Translation Adjustment                                   |   |   | 26,571     |   |   |   | 11,855 |   |
|                                                                      |   |   |       |   |   |   |   |   |
| Total Comprehensive (Loss)                                                |   |   | (161,739   | )      |   |   | (69,821 | ) |
|                                                                      |   |   |       |   |   |   |   |   |
| Net (Loss) per Share – Basic (note 12)                              |   |   | (0.00      | )      |   |   | (0.00 | ) |
| Net (Loss) per Share -  Diluted (note 12)                       |   |   | (0.00      | )      |   |   | (0.00 | ) |
|                                                                      |   |   |       |   |   |   |   |   |
| Weighted Average Number of Shares Outstanding - Basic During the Period   |   |   | 38,854,099 |   |   |   | 42,976,548 |   |
|                                                                      |   |   |       |   |   |   |   |   |
| Weighted Average Number of Shares Outstanding - Diluted During the Period |   |   | 38,854,099 |   |   |   | 42,976,548 |   |

----

|                                                                                                            |   | 2011   |     |   | 2010   |   |
|-----------------------------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
|                                                                                                            |   |   |     |   |   |   |
| Cash Flows from Operating Activities                                                                            |   |   |     |   |   |   |
|               Net (Loss)             |   |   | (188,310 | )      |   |   | (81,676 | ) |
| Adjustments to reconcile net (loss) to net cash from operating activities:                                      |   |   |     |   |   |   |   |   |
|  Depreciation                                                                                              |   |   | 8,870    |   |   |   | 8,521 |   |
|               Stock-based compensation accrual |   |   | 816      |   |   |   | 84,612 |   |
| (Increase) decrease in net assets:                                                                              |   |   |     |   |   |   |   |   |
|  Referral fees held in trust                                                                               |   |   | -        |   |   |   | (2,810 | ) |
|  Accounts payable and Employee tax deductions payable                                                      |   |   | (221,299 | )      |   |   | (72,333 | ) |
|  Trust liability                                                                                           |   |   | -        |   |   |   | 2,810 |   |
|                                                                                                            |   |   |     |   |   |   |   |   |
| Net Cash provided by Operating Activities                                                                       |   |   | (399,923 | )      |   |   | (60,876 | ) |
|                                                                                                            |   |   |     |   |   |   |   |   |
| Cash Flows from Investing Activities                                                                            |   |   |     |   |   |   |   |   |
| (Purchase) of equipment, net                                                                                    |   |   | (4,714   | )      |   |   | (413 | ) |
| Net Cash used in Investing Activities                                                                           |   |   | (4,714   | )      |   |   | (413 | ) |
| Cash Flows from  Financing Activities                                                                 |   |   |     |   |   |   |   |   |
| Advances (repayments) of advances from related parties                                                          |   |   | 413,574  |   |   |   | (66,763 | ) |
| Purchase of treasury shares                                                                                     |   |   | -        |   |   |   | (2,051 | ) |
| (Decrease)  in bank indebtedness                                                                      |   |   | -        |   |   |   | (12,019 | ) |
|                                                                                                            |   |   |     |   |   |   |   |   |
| Net Cash provided by (used in) Financing Activities                                                             |   |   | 413,574  |   |   |   | (80,833 | ) |
|                                                                                                            |   |   |     |   |   |   |   |   |
| Net increase (decrease) in Cash                                                                                 |   |   | 8,937    |   |   |   | (142,122 | ) |
|                                                                                                            |   |   |     |   |   |   |   |   |
| Effect of exchange rates on cash                                                                                |   |   | 19,400   |   |   |   | 104,876 |   |
|                                                                                                            |   |   |     |   |   |   |   |   |
| Cash - Beginning of period                                                                                      |   |   | 752,422  |   |   |   | 2,012,964 |   |
|                                                                                                            |   |   |     |   |   |   |   |   |
| Cash - End of period                                                                                            |   | $      | 780,759  |   |   |   | 1,975,718 |   |
| Supplemental Cash Flow Information                                                                              |   |   |     |   |   |   |   |   |
| Interest paid                                                                                                   |   | $      | 1,278    |   |   |   | 4,928 |   |
| Income taxes paid                                                                                               |   | $      | -        |   |   |   | - |   |

----

----

----

|                    |   |   |         |   | Net Book Value |   | Net Book Value |   |
|-------------------------|--------|--------|--------------|--------|----------------|--------|----------------|--------|
|                    |   |   | Accumulated  |   | March 31, |   | December 31,   |   |
|                    | Cost   |   | Depreciation |   | 2011           |   | 2010           |   |
|                    |   |   |         |   |           |   |           |   |
| Furniture and equipment |   | $      | 197,964      |   |           | $      | 135,133        |   |   | $ | 62,831 |   |   | $ | 67,578 |   |
| Computer equipment      |   |   | 42,931       |   |           |   | 27,501         |   |   |   | 15,430 |   |   |   | 11,765 |   |
| Leasehold improvements  |   |   | 21,274       |   |           |   | 15,870         |   |   |   | 5,404 |   |   |   | 6,255 |   |
|                    |   |   |         |   |           |   |           |   |   |   |   |   |   |   |   |   |
|                    |   | $      | 262,169      |   |           | $      | 178,504        |   |   | $ | 83,665 |   |   | $ | 85,598 |   |

|                           |   | 2011   |   |   | 2010   |   |
|--------------------------------|--------|--------|--------|--------|--------|--------|
| Computer equipment             |   | $      | 7,350  |   |   | $      | 7,165 |   |
| less: accumulated depreciation |   |   | (5,940 | )      |   |   | (5,702 | ) |
|                           |   | $      | 1,410  |   |   | $      | 1,463 |   |

| a.   | As of March 31, 2011, the Company has accrued, as stock-based compensation payable, 493,000 (as of December 31, 2010 – 493,000) common shares at a price of $0.015 (December 31, 2010 - $0.015) per share for a total of $7,395 (December 31, 2010 - $7,395) payable to the parties referred to in note 14c. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b.   | As of March 31, 2011, the Company has accrued, as stock-based compensation 1,553,481 (December 31, 2010 – 1,499,053) common shares at a price of $0.015 (December 31, 2010 - $0.015) per share for a total of $23,302 (December 31, 2010 - $22,486) payable to the parties referred to in note 14a, 14b and 14c. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| i.   | the purchaser received a warrant (1 warrant = 1 share) to further purchase up to the total number shares of common stock purchased through the private placement exercisable at a rate of 20% each year following the anniversary date of the private placement closure. The warrants are exercisable at a price 30% below the 30 day fair market price preceding the date such warrants are exercised. Warrants expire if not exercised within 30 days of such anniversary date; |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The following summarizes the warrants issued, outstanding, exercisable, expired and exercised related to the company’s private placement that closed on June 9, 2006: |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                        |   | March 31, 2011 |    |   | December 31, 2010 |   |
|-------------------------------------------------------------|--------|---------------------|---------|--------|-------------------|--------|
|                                                        |   |                |    |   |              |   |
| Number of Warrants Outstanding at Beginning of Period:      |   |                | 422,494 |   |              |   | 844,988 |   |
| Number of Warrants Exercised:                               |   |                | -       |   |              |   | - |   |
| Warrants Expired:                                           |   |                | -       |   |              |   | 422,494 |   |
| Number of Warrants Outstanding  at End of Period: |   |                | 422,494 |   |              |   | 422,494 |   |

| ii.   | further, pursuant to the execution of a service level agreement, on the anniversary date of the private placement closure, the Company has agreed to issue a number of shares of common stock equal to 25% of the number of common shares purchased in the private placement for ten consecutive anniversary dates. The receipt of such shares is dependent on the execution and maintenance in good standing of the terms of a service level agreement for each of the ten years. The service level agreement included the provisions of marketing, servicing and promotional services. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The following is a summary of stock-based compensation issuances associated with our January 30, 2006 agreement with RE/MAX which was modified on May 25, 2006: |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| YEAR     | Date of Issue      |   | Anniversary Stock Issued |    |   | Price  |   |   | Value  |   |
|----------|--------------------|--------|--------------------------|---------|--------|--------|--------|--------|--------|--------|
| 2007     | July 7, 2007       |   |                     | 478,000 |   |   | $      | 0.42   |   |   | $ | 200,760 |   |
| 2008     | September 11, 2008 |   |                     | 490,500 |   |   | $      | 0.11   |   |   | $ | 53,955 |   |
| Subtotal |               |   |                     | 968,500 |   |   |   |   |   |   |   |   |   |

----

----

|                                                    |   | March31, 2011 |       |   | December 31, 2010 |   |
|--------------------------------------------------------------|--------|--------------------|------------|--------|------------------------|--------|
| Weighted average number of common shares outstanding         |   |               | 38,854,099 |   |                   |   | 42,357,126 |   |
| Warrants                                                     |   |               | 422,494    |   |                   |   | 422,494 |   |
| Stock Based Compensation payable (RE/MAX)                    |   |               | 493,000    |   |                   |   | 493,000 |   |
| Stock Based Compensation payable (Other)                     |   |               | 1,553,481  |   |                   |   | 1,499,053 |   |
| Stock Based Compensation payable (Employee)                  |   |               | -          |   |                   |   | - |   |
| Weighted-average number of diluted common shares outstanding |   |               | 41,323,074 |   |                   |   | 44,771,673 |   |

----

|   | “Average Volume”: | defined as the average best three out of five years in funded mortgage origination volume                                                                                                                                  |
|--------|-------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                          |                                                                                                                                                                                                                       |
|   | Number of Warrants:           | $8,257 worth of warrants divided by the Strike Price, per CDN $10 million in Average Volume, adjusted on a pro rata basis, no minimum or maximum thresholds. The warrants are convertible in common shares on a 1:1 basis. |
|   |                          |                                                                                                                                                                                                                       |
|   | Earnings Period:              | Series I warrants are earned in the first 5 years following the Effective Date;                                                                                                                                            |
|   |                          |                                                                                                                                                                                                                       |
|   | Additional Vestment:          | all SERIES I warrants are fully vested on the 5th anniversary of the Effective Date                                                                                                                                   |
|   |                          |                                                                                                                                                                                                                       |
|   | Determination Date:      | 5 year anniversary of Effective Date                                                                                                                                                                                       |

----

|   | “Annual Volume”: | defined as the total mortgage origination volume executed per 12 month period following the Effective Date and subsequent 12 month periods following the anniversary dates of the Effective Date                         |
|--------|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                         |                                                                                                                                                                                                                     |
|   | Number of Warrants:          | $1,651 worth of warrants divided by the Strike Price per CDN $10 million in Annual Volume, adjusted on a pro rata basis, no minimum or maximum thresholds. The warrants are convertible in common shares on a 1:1 basis. |
|   |                         |                                                                                                                                                                                                                     |
|   | Earnings Period:             | Series II warrants are earned in the first 5 years following the Effective Date                                                                                                                                          |
|   |                         |                                                                                                                                                                                                                     |
|   | Additional Vestment:         | All SERIES II Warrants fully vest 3 years following the Determination Date                                                                                                                                               |

|   | Annual Volume:       | defined as the total funded mortgage origination volume from Maxwell lead referral executed per 12 month period following the Effective Date and subsequent 12 month periods following the anniversary dates of the Effective Date |
|--------|----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                 |                                                                                                                                                                                                                               |
|   | Number of Warrants:  | $3,000 worth of warrants divided by the Strike Price per CDN $10 million in Annual Volume, adjusted on a pro rata basis, no minimum or maximum thresholds. The warrants are convertible in common shares on a 1:1 basis.           |
|   |                 |                                                                                                                                                                                                                               |
|   | Earnings Period:     | Series III warrants are earned in the first 5 years following the Effective Date                                                                                                                                                   |
|   |                 |                                                                                                                                                                                                                               |
|   | Additional Vestment: | SERIES III warrants are fully vested on the fifth anniversary of the Effective Date                                                                                                                                                |
|   |                 |                                                                                                                                                                                                                               |

----

|   | c) | REMAX |
|--------|----|-------|

|   | d) | The Company has signed lease agreements for computer and office equipment. Committed annual payments are as follows: |
|--------|----|----------------------------------------------------------------------------------------------------------------------|

| 2011 |   | $ | 3,012 |   |
|------|--------|---|-------|--------|
| 2012 |   | $ | 3,552 |   |

|   | e)     | On February 8, 2007, the Company entered into a lease to rent office space in Calgary, Alberta, Canada for maintaining the Company's western Canada operations. The agreement is effective commencing May 1, 2007 for a five year term. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                    |
|   |   | Annual minimum lease payments (excluding utilities, taxes and common area maintenance expenses) are as follows:                                                                                                                    |

| 2011 |   | $ | 7,691 |   |
|------|--------|---|-------|--------|
| 2012 |   | $ | 3,418 |   |

|   | f)     | Contingencies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
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|   |   | On January 25, 2010, MortgageBrokers.com Financial Group of Companies Inc. (“FGOC”), a wholly-owned subsidiary of MortgageBrokers.com Holdings Inc., commenced an action in the Ontario Superior Court of Justice in Ontario, Canada against a number of parties including Mortgage Brokers City Inc. and its principals, who were former mortgage agents of the Company. The statement of claim filed by FGOC asserted a number of claims in the aggregate amount of approximately CDN $19 million, arising out of loan agreements and mortgage agent license agreements with the defendants.  In addition, claims were made against the defendants for passing off their brokerage for that of the plaintiffs including continuing to operate a brokerage after agreement termination, with all of the trappings they had been using to identify their brokerage when working for the plaintiffs. On April 5, 2010, the defendants counter claimed against a number of parties including FGOC in the Superior Court of Justice in Ontario, Canada. The counter claim asserted a number of claims in the amount of $550,000 arising out of commission holdbacks by the Company. The counter claim was settled following the Company paying out agent commissions of $223,734 and placing $373,244 with the Court pending a resolution to the Company’s original claim.  The matter is still before the courts and is expected to be heard later in 2011. Company management will vigorously defend itself in this action and believes that the Company has no liability in this matter. |

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|   | f)     | Contingencies (cont’d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
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|   |   | On March 5, 2010, FGOC commenced an action in the Ontario Superior Court of Justice in Ontario, Canada against Ralph Canonaco.  The statement of claim filed by FGOC asserted the failed collection of a liquidated debt in the amount of $500,000 arising out of a brokerage agreement.  On September 9, 2010, Ralph Canonaco and various other parties commenced an action in the Ontario Superior Court of Justice in Ontario, Canada against FGOC and various other related parties.  The statement of claim filed by Ralph Canonaco et. al. asserted fraud, fraudulent misrepresentation and conspiracy in the amount of $35,000,000, unjust enrichment in the amount of $950,000, breach of trust and misappropriation of trust funds in the amount of $50,000, and breach of contract in the amount of $50,000, arising out of a brokerage agreement and the associated services provided.  Ralph Canonaco et. al. via their counsel have communicated to the Company to not file a defence to the counter-claim as the parties would like to settle with the Company.  The actions are currently stayed pending a mediation scheduled to be held in the summer of 2011.  Company management will vigorously defend itself in this action and believes that the Company has no liability in this matter. |
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|   |   | On February 2, 2011, HSBC Bank Canada commenced an action in the Court of Queen’s Bench of Alberta, Canada against various entities, including FGOC et. al.  The statement of claim filed asserted claims of breach of agreement, conspiracy and concealment and is claiming $651,000 plus costs and interest arising out of a real estate transaction and mortgage funding.  Company management will vigorously defend itself in this action and believes that the Company has no liability in this matter.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
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|   |   | The Company is party to various other claims and proceedings arising in the normal course of business.  Management does not expect the disposition of these matters to have a material adverse effect on the Company’s results of operations or financial condition.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

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