----

----

**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-QSB**

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

**FOR      THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2007**

**OR**

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

**Commission      File Number 333-105778**

**MORTGAGEBROKERS.COM      HOLDINGS, INC.**

| **DELAWARE**                                                                                        | **05-0554486**                                                            |
|-----------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|
| **(State                or other jurisdiction of****incorporation                or organization)** | **(I.R.S.                Employer****Identification                No.)** |

**260      Edgeley Boulevard, Suite 11, Concord, Ontario L4K 3Y4**

**(Address      of principal executive offices and zip code**

**Registrant’s      telephone number, including area code: (877) 410-4848**

| **Class**                                         |      | **Outstanding                at November 14, 2007** |
|---------------------------------------------------|--------------------------|-----------------------------------------------------|
| **Common                Stock, $.0001 par value** |                     | **38,466,470**                                      |

----

**INDEX**

|                   |    |                                                                                                                                                                                            |    | **PAGE** |
|------------------------|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|----------|
| PART I.           |    | FINANCIAL                INFORMATION                                                                                                                                                            |    |     |
|                   |         |                                                                                                                                                                                            |
| Item                1. |    | Financial                Statements                                                                                                                                                             |    |     |
|                   |         |                                                                                                                                                                                            |
|                   |    | Unaudited                  Condensed Consolidated Balance Sheets at September 30, 2007 and                  December                  31, 2006                                                  |    | 1        |
|                   |         |                                                                                                                                                                                            |
|                   |    | Unaudited                Condensed Consolidated                Statements of Operations for the Three and NineMonths                Ended September 30, 2007                and 2006 (Restated) |    | 2        |
|                   |         |                                                                                                                                                                                            |
|                   |    | Unaudited                Condensed Consolidated                Statements of Cash flows for the NineMonths                Ended September 30, 2007                and 2006 (Restated)           |    | 3        |
|                   |         |                                                                                                                                                                                            |
|                   |    | Notes                to Unaudited Condensed                Consolidated Financial Statements                                                                                                    |         | 4-18     |
|                   |         |                                                                                                                                                                                            |
| Item                2. |    | Management’s                Discussion and                Analysis or Plan of Operations                                                                                                  |    | 19       |
|                   |         |                                                                                                                                                                                            |
| Item                3. |    | Controls                and                Procedures                                                                                                                                           |    | 26       |
|                   |         |                                                                                                                                                                                            |
| PART II.          |    | OTHER                INFORMATION                                                                                                                                                                |    | 27       |
|                   |         |                                                                                                                                                                                            |
| Item                6. |    | Exhibits                and Reports on Form                8-K                                                                                                                                  |    | 28       |
|                   |         |
| Signatures             |    | 29                                                                                                                                                                                              |

**ITEM      1. FINANCIAL INFORMATION**

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**MORTGAGEBROKERS.COM      HOLDINGS, INC. AND SUBSIDIARIES**

**(FORMERLY      MAGNADATA, INC.)**

**CONTENTS**

| Condensed                Consolidated Interim Balance Sheets                                                 | **1**                     |
|--------------------------------------------------------------------------------------------------------------|---------------------------|
| Condensed                Consolidated Interim Statements of Operations and Comprehensive                Loss | **2**                     |
| Condensed                Consolidated Interim Statements of Cash Flows                                       | **3**                     |
| Notes                to Condensed Consolidated Interim Financial Statements                                  | **4                - 18** |

----

**MORTGAGEBROKERS.COM      HOLDINGS, INC. AND SUBSIDIARIES**

|                                                                                                             |                             |   |                        |   |
|------------------------------------------------------------------------------------------------------------------|----------------------------------|--------|-----------------------------|--------|
|                                                                                                             | **September                30,** |   | December                31, |   |
|                                                                                                             | **2007**                         |   | 2006                        |   |
|                                                                                                             | **(Unaudited)**                  |   | (Audited)                   |   |
|                                                                                                             |                             |   |                        |   |
| **ASSETS**                                                                                                       |                             |
| **Current                Assets**                                                                                |                             |   |                        |   |
| Cash                  and cash equivalents                                                                       |                             | **$**  | **756,599**                 |   |   | $ | 1,238,357 |   |
| Referral                fees held in trust (note 3)                                                              |                             |   | **65,097**                  |   |   |   | 30,320 |   |
| Prepaid                  expense                                                                                 |                             |   | **23,556**                  |   |   |   | 78,445 |   |
|                                                                                                             |                             |   |                        |   |   |   |   |   |
| **Total                  Current Assets**                                                                        |                             |   | **845,252**                 |   |   |   | 1,347,122 |   |
|                                                                                                             |                             |   |                        |   |   |   |   |   |
| **Furniture                  and Equipment, net**(note 4)                                                        |                             |   | **151,963**                 |   |   |   | 98,571 |   |
|                                                                                                             |                             |   |                        |   |   |   |   |   |
| **Equipment                  Under Capital Lease **(note 5)                                                 |                             |   | **4,695**                   |   |   |   | 5,198 |   |
|                                                                                                             |                             |   |                        |   |   |   |   |   |
| **Total                  Assets**                                                                                |                             | **$**  | **1,001,910**               |   |   | $ | 1,450,891 |   |
|                                                                                                             |                             |   |                        |   |   |   |   |   |
| **LIABILITIES**                                                                                                  |
| **Current                Liabilities**                                                                           |                             |   |                        |   |   |   |   |   |
| Bank                  indebtedness (note 6)                                                                      |                             | **$**  | **150,000**                 |   |   | $ | 98,682 |   |
| Accounts                payable                                                                                  |                             |   | **529,017**                 |   |   |   | 407,346 |   |
| Accrued                  liabilities                                                                             |                             |   | **430,391**                 |   |   |   | 213,547 |   |
| Advances                from related party (note 7)                                                              |                             |   | **145,407**                 |   |   |   | 204,868 |   |
| Trust                  liability (note 3)                                                                        |                             |   | **65,097**                  |   |   |   | 30,320 |   |
| Obligation                under capital leases – current portion (note 8)                                  |                             |   | **1,791**                   |   |   |   | 1,674 |   |
|     Stock-based                  compensation accrual – current portion (note 9a)      |                             |   | **77,031**                  |   |   |   | 232,082 |   |
|     Employee                stock-based compensation accrual (note 9b)                       |                             |   | **644,181**                 |   |   |   | 813,850 |   |
|                                                                                                             |                             |   |                        |   |   |   |   |   |
| **Total                  Current Liabilities**                                                                   |                             |   | **2,042,915**               |   |   |   | 2,002,369 |   |
|                                                                                                             |                             |   |                        |   |   |   |   |   |
| **Obligation****U****nder****C****apital****L****eases** (note 8)                                                |                             |   | **3,313**                   |   |   |   | 3,915 |   |
| **Stock-based                  Compensation Accrual** (note 9c)                                                  |                             |   | **229,518**                 |   |   |   | 109,134 |   |
|                                                                                                             |                             |   |                        |   |   |   |   |   |
| **Total                  Liabilities**                                                                           |                             |   | **2,275,746**               |   |   |   | 2,115,418 |   |
|                                                                                                             |                             |   |                        |   |   |   |   |   |
| **Commitments                  and Contingencies**(note 15)                                                      |                             |   |                        |   |   |   |   |   |
| **STOCKHOLDERS’                DEFICIT**                                                                   |
| **Capital                  Stock**(note 10)                                                                      |                             |   |                        |   |   |   |   |   |
|  Preferred                stock, $0.0001                par value; 5,000,000 shares authorized, none issued |                             |   | **-**                       |   |   |   | - |   |
|                                                                                                             |                             |   |                        |   |   |   |   |   |
|  Common                stock, $0.0001 par                value; 100,000,000 shares authorized;              |                             |   |                        |   |   |   |   |   |
|  38,466,470                  (2006:                  36,088,470) issued and outstanding                     |                             |   | **3,846**                   |   |   |   | 3,609 |   |
|                                                                                                             |                             |   |                        |   |   |   |   |   |
| **Additional                  Paid-in Capital**                                                                  |                             |   | **3,424,275**               |   |   |   | 2,179,443 |   |
|                                                                                                             |                             |   |                        |   |   |   |   |   |
| **Additional                  Paid-in Capital - Warrants**(note 11)                                              |                             |   | **622,211**                 |   |   |   | 732,605 |   |
|                                                                                                             |                             |   |                        |   |   |   |   |   |
| **Subscription                for Stock**                                                                        |                             |   | **64,086**                  |   |   |   | - |   |
|                                                                                                             |                             |   |                        |   |   |   |   |   |
| **Subscription                  Receivable**(note 12)                                                            |                             |   | **(296,188**                | **)**  |   |   | (242,301 | ) |
|                                                                                                             |                             |   |                        |   |   |   |   |   |
| **Treasury****S****tock** (note                  13)                                                             |                             |   | **(25,234**                 | **)**  |   |   | (17,779 | ) |
|                                                                                                             |                             |   |                        |   |   |   |   |   |
| **Accumulated                  Other Comprehensive Income (Loss)**                                               |                             |   | **24,752**                  |   |   |   | (7,417 | ) |
|                                                                                                             |                             |   |                        |   |   |   |   |   |
| **Accumulated                  Deficit**                                                                         |                             |   | **(5,091,584**              | **)**  |   |   | (3,312,687 | ) |
|                                                                                                             |                             |   |                        |   |   |   |   |   |
| **Total                  Stockholders’ Deficit**                                                           |                             |   | **(1,273,836**              | **)**  |   |   | (664,527 | ) |
|                                                                                                             |                             |   |                        |   |   |   |   |   |
| **Total                  Liabilities and Total Stockholders’ Deficit**                                     |                             | **$**  | **1,001,910**               |   |   | $ | 1,450,891 |   |

----

**MORTGAGEBROKERS.COM      HOLDINGS, INC. AND SUBSIDIARIES**

|                                                                 |   |                                       |           |    | (Restated)                           |   |       |                                |   |   | (Restated)          |   |
|----------------------------------------------------------------------|--------|--------------------------------------------|----------------|---------|--------------------------------------|--------|------------|-------------------------------------|--------|--------|---------------------|--------|
|                                                                 |   | **Three**** Months****Ended****2007** |           |    | Three                MonthsEnded2006 |   |       | **Nine****Months****Ended****2007** |   |   | NineMonthsEnded2006 |   |
|                                                                 |   |                                       |           |    |                                 |   |       |                                |   |   |                |   |
| **Revenues**                                                         |   | **$**                                      | **3,379,632**  |    |                                 | $      | 1,306,746  |                                |   | $      | **7,015,870**       |   |   | $ | 2,396,481 |   |
|                                                                 |   |                                       |           |    |                                 |   |       |                                |   |   |                |   |   |   |   |   |
| **Expenses**                                                         |   |                                       |           |    |                                 |   |       |                                |   |   |                |   |   |   |   |   |
| Commission                and agent fees                             |   |                                       | **3,033,587**  |    |                                 |   | 962,124    |                                |   |   | **6,127,554**       |   |   |   | 1,805,084 |   |
| Salaries                  and benefits                               |   |                                       | **340,587**    |    |                                 |   | 198,800    |                                |   |   | **968,005**         |   |   |   | 596,306 |   |
| General                and administrative expenses                   |   |                                       | **276,003**    |    |                                 |   | 245,114    |                                |   |   | **826,972**         |   |   |   | 947,371 |   |
| Stock                  based compensation (note 15c ii)              |   |                                       | **(10,373**    | **)**   |                                 |   | 60,097     |                                |   |   | **45,709**          |   |   |   | 85,360 |   |
| Employee                stock-based compensation                     |   |                                       | **651,041**    |    |                                 |   | (222,153   | )                                   |   |   | **561,331**         |   |   |   | (169,700 | ) |
| Stock                  based compensation (note 15a, 15b, and 15c i) |   |                                       | **51,796**     |    |                                 |   | 3,432      |                                |   |   | **120,384**         |   |   |   | 36,458 |   |
| Occupancy                costs (note 15e and 16)                     |   |                                       | **35,243**     |    |                                 |   | 27,236     |                                |   |   | **74,098**          |   |   |   | 85,231 |   |
| Interest                  expense - beneficial conversion feature    |   |                                       | **-**          |    |                                 |   | -          |                                |   |   | **-**               |   |   |   | 108,840 |   |
|                                                                 |   |                                       |           |    |                                 |   |       |                                |   |   |                |   |   |   |   |   |
| **Total                  Operating Expenses**                        |   |                                       | **4,377,884**  |    |                                 |   | 1,274,650  |                                |   |   | **8,724,053**       |   |   |   | 3,494,950 |   |
|                                                                 |   |                                       |           |    |                                 |   |       |                                |   |   |                |   |   |   |   |   |
| **(Loss)                  Income from Operations**                   |   |                                       | **(998,252**   |  ) |                                 |   | 32,096     |                                |   |   | **(1,708,183**      | **)**  |   |   | (1,098,469 | ) |
|                                                                 |   |                                       |           |    |                                 |   |       |                                |   |   |                |   |   |   |   |   |
| **Other                  Expenses**                                  |   |                                       | **(61,764**    | )       |                                 |   | (1,820     | )                                   |   |   | **(70,714**         | **)**  |   |   | (8,171 | ) |
|                                                                 |   |                                       |           |    |                                 |   |       |                                |   |   |                |   |   |   |   |   |
| **(Loss)                  Income Before Income Taxes**               |   |                                       | **(1,060,016** | )       |                                 |   | 30,276     |                                |   |   | **(1,778,897**      | **)**  |   |   | (1,106,640 | ) |
|                                                                 |   |                                       |           |    |                                 |   |       |                                |   |   |                |   |   |   |   |   |
| Provision                  for income taxes (note 14)                |   |                                       | **-**          |    |                                 |   | -          |                                |   |   | **-**               |   |   |   | - |   |
|                                                                 |   |                                       |           |    |                                 |   |       |                                |   |   |                |   |   |   |   |   |
| **Net                  (Loss) Income**                               |   |                                       | **(1,060,016** | )       |                                 |   | 30,276     |                                |   |   | **(1,778,897**      | **)**  |   |   | (1,106,640 | ) |
|                                                                 |   |                                       |           |    |                                 |   |       |                                |   |   |                |   |   |   |   |   |
| **Foreign                  Currency Translation Adjustment**         |   |                                       | **(6,003**     | )       |                                 |   | (73,204    | )                                   |   |   | **23,429**          |   |   |   | (63,470 | ) |
|                                                                 |   |                                       |           |    |                                 |   |       |                                |   |   |                |   |   |   |   |   |
| **Comprehensive                  Loss**                              |   | **$**                                      | **(1,066,019** | )       |                                 | $      | (42,928    | )                                   |   | **$**  | **(1,755,468**      | **)**  |   | $ | (1,170,110 | ) |
|                                                                 |   |                                       |           |    |                                 |   |       |                                |   |   |                |   |   |   |   |   |
| **Basic                  and Diluted Loss Per Share**                |   | **$**                                      | **(0.03)**     |    |                                 | $      | (0.00      | )                                   |   | **$**  | **(0.05**           | **)**  |   | $ | (0.03 | ) |
|                                                                 |   |                                       |           |    |                                 |   |       |                                |   |   |                |   |   |   |   |   |
| **Weighted                  Average Number of Shares**               |   |                                       |           |    |                                 |   |       |                                |   |   |                |   |   |   |   |   |
| **Outstanding                During the Periods -**                  |   |                                       |           |    |                                 |   |       |                                |   |   |                |   |   |   |   |   |
| **Basic                  and Diluted**                               |   |                                       | **37,998,524** |    |                                 |   | 32,935,000 |                                |   |   | **36,738,708**      |   |   |   | 35,067,052 |   |

----

**MORTGAGEBROKERS.COM      HOLDINGS, INC. AND SUBSIDIARIES**

|                                                                                       |   |     |           |   | (Restated) |   |
|--------------------------------------------------------------------------------------------|--------|----------|----------------|--------|------------|--------|
|                                                                                       |   | **2007** |           |   | 2006       |   |
| **Cash                Flows from Operating Activities**                                    |   |     |           |   |       |   |
| Net                  loss                                                                  |   | **$**    | **(1,778,897** | **)**  |       | $      | (1,106,640 | ) |
| Adjustments                to reconcile net loss to net cash used in                       |   |     |           |   |       |   |   |   |
| operating                  activities:                                                     |   |     |           |   |       |   |   |   |
| Depreciation                                                                               |   |     | **22,522**     |   |       |   | 26,225 |   |
| Interest                  expense - beneficial conversion feature                          |   |     | -              |   |       |   | 108,840 |   |
| Stocks                issued for services and assets                                       |   |     | **1,135,899**  |   |       |   | 441,000 |   |
| Employee                  stock-based compensation                                         |   |     | **(169,669**   | **)**  |       |   | (169,700 | ) |
| Stock-based                compensation accrual                                            |   |     | **(34,667**    | )      |       |   | 121,818 |   |
| Changes                  in assets and liabilities:                                        |   |     |           |   |       |   |   |   |
| Referral                fees held in trust                                                 |   |     | **(34,777**    | **)**  |       |   | (10,863) |   |
| Prepaid                  expense                                                           |   |     | **8,249**      |   |       |   | (52,282 | ) |
| Accounts                payable                                                            |   |     | **121,671**    |   |       |   | 131,837 |   |
| Accrued                  liabilities                                                       |   |     | **216,844**    |   |       |   | 229,261 |   |
| Trust                liability                                                             |   |     | **34,777**     |   |       |   | 10,863 |   |
|                                                                                       |   |     |           |   |       |   |   |   |
| Net                cash used in operating activities                                       |   |     | **(478,048**   | **)**  |       |   | (269,641 | ) |
|                                                                                       |   |     |           |   |       |   |   |   |
| **Cash                Flows from Investing Activities**                                    |   |     |           |   |       |   |   |   |
| Purchase                  of equipment                                                     |   |     | **(29,995**    | **)**  |       |   | (7,316 | ) |
|                                                                                       |   |     |           |   |       |   |   |   |
| Net                  cash used in investing activities                                     |   |     | **(29,995**    | **)**  |       |   | (7,316 | ) |
|                                                                                       |   |     |           |   |       |   |   |   |
| **Cash                  Flows from Financing Activities**                                  |   |     |           |   |       |   |   |   |
| Deferred                offering costs                                                     |   |     | **-**          |   |       |   | 8,598 |   |
| Proceeds                  from note payable                                                |   |     | **-**          |   |       |   | 23,000 |   |
| Obligations                under capital leases                                            |   |     | **(485**       | **)**  |       |   | - |   |
| Increase                  in bank indebtedness                                             |   |     | **51,318**     |   |       |   | 8,423 |   |
| Issuance                of common stock for cash                                           |   |     | **10,199**     |   |       |   | 829,627 |   |
| Treasury                  stock                                                            |   |     | **(7,455**     | **)**  |       |   | - |   |
| Repayment                of advances from related party                                    |   |     | **(59,461**    | **)**  |       |   | (89,255 | ) |
| Proceeds                  from issuance of warrants                                        |   |     | -              |   |       |   | 732,605 |   |
|                                                                                       |   |     |           |   |       |   |   |   |
| Net                  cash (used in) provided by financing activities                       |   |     | **(5,884**     | )      |       |   | 1,512,998 |   |
|                                                                                       |   |     |           |   |       |   |   |   |
| **Net                  (Decrease) Increase in Cash and Cash                  Equivalents** |   |     | **(513,927**   | **)**  |       |   | 1,236,041 |   |
|                                                                                       |   |     |           |   |       |   |   |   |
| **Foreign                  Exchange on Balances**                                          |   |     | **32,169**     |   |       |   | (66,683 | ) |
|                                                                                       |   |     |           |   |       |   |   |   |
| **Cash                  and Cash Equivalents - Beginning of Period**                       |   |     | **1,238,357**  |   |       |   | 169,093 |   |
|                                                                                       |   |     |           |   |       |   |   |   |
| **Cash                  and Cash Equivalents - End of Period**                             |   | **$**    | **756,599**    |   |       | $      | 1,338,451 |   |
|                                                                                       |   |     |           |   |       |   |   |   |
| **Supplemental                  Cash Flow Information**                                    |   |     |           |   |       |   |   |   |
| Interest                paid                                                               |   | **$**    | **7,049**      |   |       | $      | 5,315 |   |
|                                                                                       |   |     |           |   |       |   |   |   |
| Income                taxes paid                                                           |   | $        | -              |   |       | $      | - |   |

----

**MORTGAGEBROKERS.COM      HOLDINGS, INC. AND SUBSIDIARIES**

**1.                 Nature of Business and Going Concern**

----

**MORTGAGEBROKERS.COM      HOLDINGS, INC. AND SUBSIDIARIES**

**2.                  Summary of Significant Accounting Policies**

|   | c)  | Cash                and Cash                Equivalents |
|--------|----------|---------------------------------------------------------|

|   | d)  | Equipment,                net |
|--------|----------|-------------------------------|

|   | Furniture                and equipment                | 20%                declining |
|--------|-------------------------------------------------------|------------------------------|
|   | Computer                equipment                     | 30%                declining |
|   | Computer                equipment under capital lease | 30%                declining |

----

**MORTGAGEBROKERS.COM      HOLDINGS, INC. AND SUBSIDIARIES**

**(FORMERLY      MAGNADATA, INC.)**

**2.**
**Summary of Significant Accounting Policies**

----

**MORTGAGEBROKERS.COM      HOLDINGS, INC. AND SUBSIDIARIES**

**(FORMERLY      MAGNADATA, INC.)**

**2.**
**Summary of Significant Accounting Policies**

----

**MORTGAGEBROKERS.COM      HOLDINGS, INC. AND SUBSIDIARIES**

**(FORMERLY      MAGNADATA, INC.)**

**2.**
**Summary      of Significant Accounting Policies **

----

**MORTGAGEBROKERS.COM      HOLDINGS, INC. AND SUBSIDIARIES**

**(FORMERLY      MAGNADATA, INC.)**

**2.**
**Summary      of Significant Accounting Policies **

* Settlement*

----

**MORTGAGEBROKERS.COM      HOLDINGS, INC. AND SUBSIDIARIES**

**3.**
**Trust      Liability**

**4.           Furniture      and Equipment, net**

|                                         |   |     |    |   |                            |   |   |                                         |   |   |                             |   |
|----------------------------------------------|--------|----------|---------|--------|---------------------------------|--------|--------|----------------------------------------------|--------|--------|----------------------------------|--------|
|                                         |   | **Cost** |    |   | **Accumulated****Amortization** |   |   | **Net                Book****Value****2007** |   |   | Net                BookValue2006 |   |
| Furniture                and equipment       |   | **$**    | 171,419 |   |                            | **$**  | 44,159 |                                         |   | **$**  | 127,260                          |   |   | $ | 83,650 |   |
| Computer                equipment            |   |     | 23,068  |   |                            |   | 8,784  |                                         |   |   | 14,284                           |   |   |   | 14,921 |   |
| Computer                software (see below) |   |     | -       |   |                            |   | -      |                                         |   |   | -                                |   |   |   | - |   |
| Leasehold                improvements        |   |     | 11,739  |   |                            |   | 1,320  |                                         |   |   | 10,419                           |   |   |   | - |   |
|                                         |   |     |    |   |                            |   |   |                                         |   |   |                             |   |   |   |   |   |
|                                         |   | **$**    | 206,226 |   |                            | **$**  | 54,263 |                                         |   | **$**  | 151,963                          |   |   | $ | 98,571 |   |
|                                         |   |     |    |   |                            |   |   |                                         |   |   |                             |   |   |   |   |   |

** **

**5.**
**Equipment      Under Capital Leases**

|                                          |   | **2007** |   |   | 2006   |   |
|-----------------------------------------------|--------|----------|--------|--------|--------|--------|
| Computer                equipment             |   | **$**    | 7,126  |   |   | $      | 6,115 |   |
| Less:                accumulated depreciation |   |     | (2,431 | )      |   |   | (917 | ) |
|                                          |   |     |   |   |   |   |   |   |
|                                          |   | **$**    | 4,695  |   |   | $      | 5,198 |   |

----

**MORTGAGEBROKERS.COM      HOLDINGS, INC. AND SUBSIDIARIES**

**6.           Bank      Indebtedness**

**7.           Advances      From Related Party**

**8.**
**Obligation      Under Capital Leases**

|                                        |   |   |      |
|---------------------------------------------|--------|--------|-----------|
| 2007                                        |   | $      | **1,158** |   |
| 2008                                        |   |   | **2,230** |   |
| 2009                                        |   |   | **1,716** |   |
|                                        |   |   |      |   |
| Total                minimum lease payments |   |   | **5,104** |   |
|                                        |   |   |      |   |
| Less:                current portion        |   |   | (1,791    | ) |
|                                        |   |   |      |   |
| Long-term                portion            |   | $      | **3,313** |   |
|                                        |   |   |      |   |

**9.           Stock-based      Compensation Accrual**

----

**MORTGAGEBROKERS.COM      HOLDINGS, INC. AND SUBSIDIARIES**

**10.           Capital      Stock**

----

**MORTGAGEBROKERS.COM      HOLDINGS, INC. AND SUBSIDIARIES**

**10.**
**Capital      Stock **

**11.          Additional      Paid-in Capital - Warrants**

**12.           Subscription      Receivable**

**13.**
**Treasury      Stock**

----

**MORTGAGEBROKERS.COM      HOLDINGS, INC. AND SUBSIDIARIES**

**14.           Income      Taxes**

|                                                               | **Nine                Months**   |   | (Restated)Nine                Months |   |
|--------------------------------------------------------------------|----------------------------------|--------|--------------------------------------|--------|
|                                                               | **Ended**                        |   | Ended                                |   |
|                                                               | **September                30,** |   | September                30,         |   |
|                                                               | **2007**                         |   | 2006                                 |   |
|     Deferred                Income Tax Assets: |                             |   |                                 |   |
| Operating                loss carry forward                        |                             | **$**  | **1,080,042**                        |   |   | $ | 623,091 |   |
| Valuation                allowance                                 |                             |   | **(1,080,042**                       | **)**  |   |   | (623,091 | ) |
|                                                               |                             |   |                                 |   |   |   |   |   |
| Total                deferred tax effect                           |                             | $      | -                                    |   |   | $ | - |   |

|                                                   |   | **September                30,** |         |   | (Restated)September                30, |   |
|--------------------------------------------------------|--------|----------------------------------|--------------|--------|----------------------------------------|--------|
|                                                   |   | **2007**                         |         |   | 2006                                   |   |
|                                                   |   |                             |         |   |                                   |   |
| Deferred                Tax Provision:                 |   |                             |         |   |                                   |   |
|                                                   |   |                             |         |   |                                   |   |
| Benefit                at Federal statutory rate (34%) |   | **$**                            | **357,501**  |   |                                   | $      | 406,182 |   |
| Change                in Valuation allowance           |   |                             | **(357,501** | **)**  |                                   |   | (406,182 | ) |
|                                                   |   |                             |         |   |                                   |   |   |   |
| Provision                for income taxes              |   | $                                | -            |   |                                   | $      | - |   |
|                                                   |   |                             |         |   |                                   |   |   |   |
| Current                Tax Provision                   |   |                             |         |   |                                   |   |   |   |
| Federal                and State income tax            |   | $                                | -            |   |                                   | $      | - |   |

----

**MORTGAGEBROKERS.COM      HOLDINGS, INC. AND SUBSIDIARIES**

**15.           Commitments**

** **

*a)        Independent      Mortgage      Agents*

|   | “Average                Volume”: | defined                as the average best three                out of five years in funded mortgage origination                volume |
|--------|----------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | Number                of                Warrants: | USD                $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: | 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: | USD                $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 |
|--------|-------------------------------------|-------------------------------------------------------------------------------------------------------------------------|

|   | Determination                Date: | The                Annual Volume is determined                on the fifth year anniversary of the Effective                Date |
|--------|------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|

----

**MORTGAGEBROKERS.COM      HOLDINGS, INC. AND SUBSIDIARIES**

**15.**
**Commitments **

*b)        Maxwell      Realty      Inc.*

|   | 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: | USD                $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)        RE/MAX*

*i)  *

|   | Annual                Volume: | defined                as the total funded                mortgage origination volume from RE/MAX 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: | USD                $3,000 US worth of warrants                divided by the Strike Price per CDN $10 million dollars 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                IV warrants are earned in                the first 3 years following the Effective                Date |
|--------|---------------------------------|------------------------------------------------------------------------------------------------------------------------------|

|   | Additional                Vestment: | SERIES                IV warrants are fully                vested on the 5th                anniversary of the Effective                Date |
|--------|-------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

*ii)  *

----

**MORTGAGEBROKERS.COM      HOLDINGS, INC. AND SUBSIDIARIES**

**15.**
**Commitments **

|   | d) | 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.: |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | Future                        minimum lease payments (excluding utilities, taxes and common                        area                        maintenance expenses) are as                        follows: |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2007       |   | $ | 3,360 |   |
|------------|--------|---|-------|--------|
| 2008       |   | $ | 7,560 |   |
| 200        |   | $ | 7,560 |   |
| 2010       |   | $ | 8,568 |   |
| 2011       |   | $ | 9,072 |   |
| Thereafter |   | $ | 3,024 |   |

|   | e) | On                March 27, 2007, the Company entered into a lease to rent office space                in                Concord, Ontario, Canada for maintaining the Company's Canadian head                office. The agreement is effective commencing April 1, 2007 for a                two year                term. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | The                Company has the option to renew this lease, for amounts to be determined,                for two additional one year terms. The Company also has the option                to                purchase the office space, by May 31, 2007, for $986,815.  The                company did not exercise its option to purchase the office                space.  On August 1, 2007 the office space was sold (note 16)                and the lease commitment period was extended from 2 to 5 years under                the                same terms and conditions. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | Future                minimum lease payments (excluding utilities, taxes and common area                maintenance expenses) are as                follows: |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2007 |   | $ | 24,090 |   |
|------|--------|---|--------|--------|
| 2008 |   | $ | 96,360 |   |
| 2009 |   | $ | 96,360 |   |
| 2010 |   | $ | 96,360 |   |
| 2011 |   | $ | 96,360 |   |
| 2012 |   | $ | 24,090 |   |

----

**MORTGAGEBROKERS.COM      HOLDINGS, INC. AND SUBSIDIARIES**

**15.**
**Commitments **

**16.           Occupancy      Cost – Related Party**

**17.           Comparative      Figures**

----

**Item      2. Management's Discussion and Analysis of      Financial Conditions and Results** **of      Operations**

**CAUTIONARY      NOTE REGARDING FORWARD-LOOKING STATEMENTS**

*This      Report contains certain financial information and statements regarding our      operations and financial prospects of a forward-looking nature. Although these      statements accurately reflect management's current understanding and beliefs,      we      caution you that certain important factors may affect our actual results and      could cause such results to differ materially from any forward-looking      statements which may be deemed to be made in this Prospectus. For this purpose,      any statements contained in this Prospectus which are not statements of      historical fact may be deemed to be forward-looking statements. Without limiting      the generality of the foregoing, words such as “may”, “intend”, “expect”,“believe”, “anticipate”, “could”, “estimate”, “plan”, or “continue” or the      negative variations of these words or comparable terminology are intended to      identify forward-looking statements. There can be no assurance of any kind      that      such forward-looking information and statements in any way reflect our actual      future operations and/or financial results, and any of such information and      statements should not be relied upon either in whole or in part in any decision      to invest in the shares. Many of the factors, which could cause actual results      to differ from forward looking statements, are outside our control. These      factors include, but are not limited to, the factors discussed above under“Risk      Factors.”*

*Organization*

*Nature      of Business and Planned Operations*

----

*Background      for Current Operational Activity*

| 1)   | Recruited                mortgage sales agents execute an exclusive agreement with a subsidiary                of                MortgageBrokers.com as a third party sales subcontractor.  The                mortgage agents agree to operate under the terms of the sales agreement                and the mortgage broker licensure and brand of the Company and allow                the                Company to take typically 15% of the commission fees payable to the                mortgage agent from a mortgage lender in exchange for payroll, revenue                management (volume pooling), licensure, compliance, marketing services                and                an opportunity to earn stock warrants in MortgageBrokers.com Holdings,                Inc. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2)   | No                money is paid by the Company for purchase of any asset of the mortgage                agent or their business including the agent's book of                business.  The company does not take an equity ownership                position in the independent business of the individual mortgage agent                or                mortgage agent team. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3)   | Generally,                the size of potential warrant issues to a contracted sales agent                or sales                agent team is modeled upon a discounted cash flow valuation of the                margin                contribution to the Company's bottom line represented by the mortgage                agent's mortgage average annual origination sales volume over a forward                period and taking into account foreign exchange and the Company's                cost                structure. An agent or agent team are eligible to receive multiple                warrant                issues based on performance and pursuant to the execution of a warrant                agreement. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4)   | Presently,                under existing formulae and by way of example to illustrate the warrant                model for mortgage agents, a mortgage agent team responsible for                originating $100 million in average annual mortgage volume over a                five                year period would be eligible to                receive: |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| a)   | USD                  $83,000 dollars worth of cashless (fully earned) stock warrants                  (“Series I                  Mortgage Agent Warrants”), the warrant pricing being the greater of the 20                  day average closing price preceding the warrant series earnings                  period or                  USD $1.00.  If the mortgage agent team's five year average                  annual mortgage volume is less or more than the afore-mentioned                  $100                  million, the number of Series I Mortgage Agent Warrants granted                  to the                  agent or agent team is adjusted proportionately. The mortgage agents                  are                  not eligible to earn Series I Mortgage Agent Warrants until a minimum                  5                  year term sales period is completed in full, following execution                  of an                  exclusive agency sales contract with the Company.  It is                  expected that Series I Mortgage Agent Warrants will be granted                  within 6                  months following the five year anniversary date of the agent's                  executed                  license agreement.  The Series I Mortgage Agent Warrants have no                  additional vestment period associated with them;                  and, |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| b)   | Additionally,                the mortgage agent or agent team would be eligible to earn USD $16,513                dollars worth of cashless (fully earned) stock warrants each year,                the                warrant pricing being the greater of the 20 day average closing price                preceding the warrant series earnings period or USD $1.00, subject                to the                following vestment periods:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Ø         | Stock                warrants earned each year in the first five year period following                execution of the agent's license agreement with the Company, have                a three                year vestment period following the five year initial earnings period                (Series II Mortgage Agent Warrants).  In summary, Series II Mortgage                Agent Warrants earned in the first five years based on the agent's                annual                origination sales volume, are granted and exercisable following the                eight                year anniversary date of the agent's executed license agreement.                If the                mortgage agent team's annual mortgage origination sales volume is                less or                more than the afore-mentioned $100 million, the number of Series                II                Mortgage Agent Warrants granted to the agent or agent team is adjusted                proportionately.                                                                                                                                                                                                                                                                                                                                                                                                                               |
|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Ø         | Currently,                stock warrants earned in year's 6 through 8 following execution of                the                agent's license agreement with the Company, are vested till the tenth                year                anniversary of the agent's executed license agreement (“Series III                Mortgage Agent Warrants”). In summary, Series III Mortgage Agent Warrants                earned in the year's six through eight based on the agent's annual                origination sales volume, are granted and exercisable following the                tenth                year anniversary date of the agent's executed license agreement.                If the                mortgage agent team's annual mortgage origination sales volume is                less or                more than the afore-mentioned $100 million, the number of Series                III                Mortgage Agent Warrants granted to the agent or agent team is adjusted                proportionately.                                                                                                                                                                                                                                                                                                                                                                                                                     |
|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Ø         | Continued                warrant series issues earned for subsequent three year periods following                the Series III Mortgage Agent Warrant earnings period are similarly                structured with two year vestments following the three year earning                period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Ø         | Warrant                pricing for Series II and all following issues of Mortgage Agent                Warrants                is established as the twenty (`20') day average closing price of                the stock                preceding the commencement of the Series earning period or at the                minimum                value of USD $1.00, which ever is greater. For example, for Series                II                Mortgage Agent Warrants, the price is established as the greater                of the                twenty (`20') day average closing price preceding the fifth anniversary                date of the agents license agreement or USD                $1.00.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |

| 5)   | The                mortgage agents are not eligible to earn Mortgage Agent Warrants                for any                incomplete earnings period. It is expected that all warrants will                be                granted within 6 months following the relative warrant series earning                period vestment period. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Annual                Volume:        | defined                as the total funded mortgage origination volume from RE/MAX 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:   | USD                $3,000 US worth of warrants divided by the Strike Price per CDN $10                million dollars 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                IV warrants are earned in the first 3 years following the Effective                Date                                                                                                                                                                                                                     |
| Additional                Vestment:  | SERIES                IV warrants are fully vested on the 5th anniversary of the Effective                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:   | USD                $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:  | the                warrants are fully vested on the fifth anniversary of the Effective                Date.                                                                                                                                                                                                   |

*Market      Conditions*

----

*Current      Activities*

*Marketing      Activity:*

| 1)   | The                  Company attended the 2007 annual AMBA (“Alberta Mortgage Broker                  Association”) conference, which this year was held at the Capri Hotel in                  Red Deer, Alberta, CANADA on September 6, 7 and 8.  The event                  was attended by approximately 500 industry delegates and was attended                  by                  the Company’s senior management including Mr. Alex, Haditaghi, Mr. Matt                  Laverty, Mr. Dong Lee, and Mr. David Mercer.  Under the                  direction of Mr. David Mercer and his assistant, Ms. Valerie McGowan,                  the                  Company won the award for the Conference’s best event booth competition                  and the Company’s hosted party was well attended, providing the Company                  the opportunity to market it value proposition to the Alberta mortgage                  broker market.  Mr. Ron Stanners, president of the Calgary Real                  Estate Board and owner of Maxwell Realty Inc., the Company’s real estate                  strategic alliance in Western Canada, attended the event on a panel                  of                  industry leaders commenting on the real estate                  industry.  Company agent Mr. Nolan Matthias was the panel                  monitor, responsible for arranging the conference’s guest speakers and                  coordinating the annual AMBA golf tournament this year.  |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2)             | The                  Company attended the AMBA “Industry Night” held at Mount Royal College in                  Calgary in August which is an AMBA sponsored event for the recruitment                  of                  new agents into the industry.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 3)   | To                  facilitate maximum revenue from lenders for whom the Company is                  close to                  obtaining maximum revenue volume bonuses at the end of the 2007                  fiscal                  year based upon mortgage origination volume thresholds, the Company                  sponsored two contests in our third quarter.  The first contest                  offered to our mortgage sales agents two trips for two to the Caribbean                  for having the most funded transactions during the contest                  period.  The second contest offered two pre-paid $750 gas cards                  for the two top producing agents during the contest period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 4)   | The                  Company launched its marketing publication, “Broker’s Journal”, in the                  third quarter as part of the value added services that the Company                  plans                  to provide to its national sales force to allow our agents to concentrate                  on their core business and our success.  Broker’s Journal is                  published monthly and is customizable for use by our mortgage agents                  for                  distribution to their customer and sales data-base.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 5)   | The                  Company’s national sales agent network currently has 23 retail branch                  offices opened across Canada.  The company expects the                  growth in the number of these retail locations to                  continue.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 6)             | During                  the reporting period, our agent Mr. Lance Dawson represented the                  Company                  on four episodes of Real Investments TV, produced by Chandran Media,                  which                  airs in the Canadian regional markets of Edmonton, Calgary, Ft.                  McMurray,                  Grand Prairie, Vancouver and Toronto.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

----

*Business      Development Activity:*

*Human      Resources Activity:*

*Liquidity      and Capital Resources*

| Ø   | $77,031                for the current portion of stock-based compensation related to a                10 year                RE/MAX marketing and service                agreement; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | $644,181                for employee stock-based compensation;                and, |
|--------------------|------------------------------------------------------------------------------------|

| Ø   | $229,518                for stock-based compensation accrual for origination and referral                services; |
|--------------------|--------------------------------------------------------------------------------------------------------------------|

| Ø   | $232,082                for the current portion of stock-based compensation related to a                10 year                RE/MAX marketing and service                agreement; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | $813,850                for employee stock-based compensation;                and, |
|--------------------|------------------------------------------------------------------------------------|

| Ø   | $109,134                for stock-based compensation accrual for origination and referral                services; |
|--------------------|--------------------------------------------------------------------------------------------------------------------|

----

| 1.             | As                a result of our significant top-line growth, there has not been a                significant improvement towards profitability in the year to-date                as the                company has had to invest to support this growth and begin to develop                operational scalability.  It is expected that the Company’s                operating leverage will significantly improve as revenue growth continues                and our building operational capacity supports more of this revenue                growth. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.   | Following                Q1 2006, the Company has experienced an average growth rate in top                line                revenue of 53% for the past 6 quarters to the end of the current                reporting                period as demonstrated below.  Our third quarter gross revenue                results represent a 159% increase to the same period of                2006.                                                                                                                                                                  |

|                                                             | **Average** | **Q3,                2007** | **Q2,                2007** | **Q1,                2007** | **Q4,                2006** | **Q3,                2006** | **Q2,                2006** | **Q1,                2006** |
|------------------------------------------------------------------|-------------|-----------------------------|-----------------------------|-----------------------------|-----------------------------|-----------------------------|-----------------------------|-----------------------------|
| **Revenue**                                                      |        | $                3,379,632  | $                2,345,263  | $                1,290,975  | $                1,626,800  | $                1,306,746  | $                744,977    | $                344,758    |
| **Comparison                (Quarter over Quarter)**             | **53%**     | 44%                         | 82%                         | -21%                        | 24%                         | 75%                         | 116%                        |                        |
| **Growth                (Comparative to same period last Year)** | **193%**    | 159%                        | 215%                        | 274%                        |                        |                        |                        |                        |

*Critical      Accounting Policies*

----

**Item      3.**
**Controls and      Procedures**

----

**PART      II - OTHER INFORMATION**

**Item        1. Legal Proceedings.**

| 1.   | Trisan                  Equitable Corporation ("TRISAN") commenced an action in October                  2006 in                  Ontario, Canada against several parties including MortgageBrokers.com                  Holdings, Inc. The statement of claim is for an aggregate payment                  of                  approximately $1.3 MM plus applicable interest related to a financing                  agreement. The Company plans to vigorously defend itself in this                  claim and                  has launched a counter suit in Ontario Superior Court against TRISAN                  and                  related parties in the amount of $4.8 MM. Legal counsel for the                  Company at                  this time estimate that this claim maybe a reasonably possible                  contingent                  liability for the Company of up to $520,000 plus applicable interest.                  At                  the present time, the Company and its legal counsel agree that                  the outcome                  of this proceeding cannot be reasonably determined at this                  time. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 2.   | In                    addition, the Company is the defendant in two legal proceedings                    involving                    former employees on termination matters generally incidental                    to its                    businesses.  At the present time, the Company and its legal                    counsel agree that the outcome of these proceedings cannot be                    reasonably                    determined at this time.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

**Item        2. Changes in Securities.**

| 1.   | On                  July 7, 2007, the Company issued 125,000 restricted common shares                  at a                  price of $1 per share and having similar rights and obligations                  pursuant                  to the terms of the 2006 Private Placement offered to executives                  and                  franchisees of RE/MAX Ontario-Atlantic Canada Inc.   These shares                  rights were assigned to the new subscribers by the initial subscribers                  of                  the 2006 PPM.   These shares were issued in anticipation of                  the initial participants shares being cancelled.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.             | Pursuant                  to a ten year licensing agreement dated January 30, 2006 and amended                  May                  25, with RE/MAX, the Company issued 478,000 restricted common shares                  on                  July 7, 2007.  The shares were issued at $0.42 per                  share.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 3.             | Under                  the Company’s Service Compensation Plan and pursuant to a Purchase and                  Sale Agreement on July 23, 2007, the Company issued 40,000 restricted                  common shares to Alexander Gershtein in exchange for furniture                  and                  equipment valued at $45,416.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 4.             | On                    July 23, 2007, the Company issued 25,000 restricted common shares                    at a                    price of $1.00 per share to Kalymon Consulting Ltd in exchange                    for                    consulting services pursuant to a Consulting Services Agreement                    under the                    Company’s Service Compensation Plan.  Dr. Basil Kalymon provided                    strategic finance model development support relating to the development                    and execution of the Company`s stock based compensation plans;                    capital                    structure modelling support; and, financing term sheet                    review.  As per the Company’s press release on July 28,                    2005.  Dr. Basil Kalymon is currently an instructing professor                    in the Executive MBA program and a member of the Finance Area                    at the                    Richard Ivey School of Business, University of Western Ontario                    located in                    London, Ontario, Canada |
| 5.             | On                  July 23, 2007, the Company issued 1,700,000 shares of restricted                  Company                  stock to its senior management team based upon draft management                  agreements                  that are expected to be executed by December 31, 2007.  These                  shares have not been released and the release is pending the finalizing                  and execution of management agreements.  These shares were                  issued under the Company`s Equity Compensation                  Plan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |

**Item      3. Defaults Upon Senior Securities.**

** Item      4. Submission of Matters to a Vote of Security Holders.**

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** Item      5. Other Information.**

** Item      6. Exhibits and Reports of Form 8-K.**

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** SIGNATURES**

|   |                                             | **MORTGAGEBROKERS.COM                HOLDINGS, INC** . |
|--------|--------------------------------------------------|--------------------------------------------------------|
|   |                                             |                                                   |
| Date:  | November                14, 2007                 | */s/                Alex Haditaghi*                    |
|   | Alex                Haditaghi                    |
|   | President,                Secretary and Director |