----

----

**UNITED      STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-QSB**

**(Mark      One)**

| **x** | **Quarterly                Report Pursuant to Section 13 or 15(d) of the Securities Exchange                Act of                1934.** |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------|

**For      the quarterly period ended March 31, 2007.**

**or**

| **o** | **Transition                Report Pursuant to Section 13 or 15(d) of the Securities Exchange                Act of                1934.** |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------|

**For      the transition period from ______to______.**

**Commission      file number **
**333-105778**

**MORTGAGEBROKERS.COM      HOLDINGS, INC**

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

| **11-260                Edgeley Boulevard, City of Vaughan, Ontario,                CANADA** | **L4K                  3Y4** |
|----------------------------------------------------------------------------------------------|------------------------------|
| (Address                of principal executive offices)                                      | (Zip                Code)    |

**877-410-4848**

----

**MORTGAGEBROKERS.COM      HOLDINGS, INC.**

**FINANCIAL      STATEMENTS**

**INDEX**

**PART      I-- FINANCIAL INFORMATION**

|                   |                                                                             | PAGE                # |
|------------------------|----------------------------------------------------------------------------------|-----------------------|
|                   |                                                                             |                  |
| Item                1. | Financial                Statements                                              | 2                     |
|                   |                                                                             |                  |
| Item                2. | Management’s                Discussion and Analysis of Financial Condition | 20                    |
|                   |                                                                             |                  |
| Item                3. | Control                and Procedures                                            | 29                    |

**PART      II-- OTHER INFORMATION**

|                   |                                                               |   |
|------------------------|--------------------------------------------------------------------|--------|
| Item                1. | Legal                Proceedings                                   | 30     |
|                   |                                                               |   |
| Item                2. | Changes                in Securities                               | 30     |
|                   |                                                               |   |
| Item                3. | Defaults                Upon Senior Securities                     | 30     |
|                   |                                                               |   |
| Item                4. | Submission                of Matters to a Vote of Security Holders | 30     |
|                   |                                                               |   |
| Item                5. | Other                Information                                   | 31     |
|                   |                                                               |   |
| Item                6. | Exhibits                and Reports on Form 8-K                    | 31     |

**SIGNATURE**

----

**Item      1. Financial Information**

----

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

**(FORMERLY      MAGNADATA, INC.)**

|                                                                                                                                                                                                                     |   |                                |           |                          |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|----------------|-------------------------------|--------|
|                                                                                                                                                                                                                     |   |  **March                  31** |           | December                  31, |   |
|                                                                                                                                                                                                                     |   | **2007**                            |           | 2006                          |   |
| **ASSETS**                                                                                                                                                                                                               |   |                                |           |                          |   |
| **Current                  Assets**                                                                                                                                                                                      |   |                                |           |                          |   |
| Cash                  and cash equivalents                                                                                                                                                                               |   | $                                   | **684,174**    |                          | $      | 1,238,357 |   |
| Referral                  fees held in trust (note 9)                                                                                                                                                                    |   |                                | **60,812**     |                          |   | 30,320 |   |
| Prepaid                  expense                                                                                                                                                                                         |   |                                | **78,108**     |                          |   | 78,445 |   |
|                                                                                                                                                                                                                     |   |                                |                |                          |   |  |   |
| **Total                  Current Assets**                                                                                                                                                                                |   |                                | **823,094**    |                          |   | 1,347,122 |   |
| **Equipment,                  net**                  (note 3)                                                                                                                                                            |   |                                | **94,080**     |                          |   | 98,571 |   |
| **Equipment                  Under Capital Leases** (note                  4)                                                                                                                                       |   |                                | **4,850**      |                          |   | 5,198 |   |
| **Deferred                  Offering Costs**                  (note 5)                                                                                                                                                   |   |                                | **-**          |                          |   | - |   |
|                                                                                                                                                                                                                     |   |                                |                |                          |   |  |   |
| **Total                  Assets**                                                                                                                                                                                        |   | $                                   | **922,024**    |                          | $      | 1,450,891 |   |
|                                                                                                                                                                                                                     |   |                                |                |                          |   |  |   |
| **LIABILITIES**                                                                                                                                                                                                          |   |                                |                |                          |   |  |   |
| **Current                  Liabilities**                                                                                                                                                                                 |   |                                |                |                          |   |  |   |
| Bank                  indebtedness (note 6)                                                                                                                                                                              |   | $                                   | **103,869**    |                          | $      | 98,682 |   |
| Accounts                  payable                                                                                                                                                                                        |   |                                | **520,984**    |                          |   | 407,346 |   |
| Accrued                  liabilities                                                                                                                                                                                     |   |                                | **104,839**    |                          |   | 213,547 |   |
| Advances                  from related party (note 8)                                                                                                                                                                    |   |                                | **168,199**    |                          |   | 204,868 |   |
| Trust                  liability (note 9)                                                                                                                                                                                |   |                                | **60,812**     |                          |   | 30,320 |   |
| Obligation                  under capital leases - current portion (note 10)                                                                                                                                             |   |                                | **1,791**      |                          |   | 1,674 |   |
| Stock-based                  compensation accrual - current portion (note 11b)                                                                                                                                           |   |                                | **337,705**    |                          |   | 232,082 |   |
| Employee                  stock-based compensation accrual (note 11c)                                                                                                                                                    |   |                                | **1,509,031**  |                          |   | 813,850 |   |
|                                                                                                                                                                                                                     |   |                                |                |                          |   |  |   |
| **Total                  Current Liabilities**                                                                                                                                                                           |   |                                | **2,807,230**  |                          |   | 2,002,369 |   |
| **Obligation                  Under Capital Leases**                  (note 10)                                                                                                                                          |   |                                | **3,533**      |                          |   | 3,915 |   |
| **Stock-based                  Compensation Accrual** (note                  11a)                                                                                                                                   |   |                                | **467,273**    |                          |   | 109,134 |   |
|                                                                                                                                                                                                                     |   |                                |                |                          |   |  |   |
| **Total                  Liabilities**                                                                                                                                                                                   |   |                                | **3,278,036**  |                          |   | 2,115,418 |   |
|                                                                                                                                                                                                                     |   |                                |                |                          |   |  |   |
| **Commitments                  and Contingencies**                  (note 17)                                                                                                                                            |   |                                |                |                          |   |  |   |
| **STOCKHOLDERS'                  DEFICIT**                                                                                                                                                                               |   |                                |                |                          |   |  |   |
| **Capital                  Stock**                                                                                                                                                                                       |   |                                |                |                          |   |  |   |
| Preferred                  stock, $0.0001 par value; 5,000,000 shares                   authorized, none issued                                                                                                     |   |                                | **-**          |                          |   | - |   |
| Capital                  stock, $0.0001 par value; 100,000,000 shares                   authorized; 36,098,470 (2006: 36,088,470) issued and                   outstanding** **(note                  12) |   |                                | **3,610**      |                          |   | 3,609 |   |
| **Additional                  Paid-in Capital**                                                                                                                                                                          |   |                                | **2,186,942**  |                          |   | 2,179,443 |   |
| **Additional                  Paid-in Capital - Warrants**                  (note 13)                                                                                                                                    |   |                                | **732,605**    |                          |   | 732,605 |   |
| **Subscription                  for Stock**                                                                                                                                                                              |   |                                | **-**          |                          |   | - |   |
| **Subscription                  Receivable**                  (note 14)                                                                                                                                                  |   |                                | **(210,000**   | **)**                         |   | (242,301 | ) |
| **Treasury                  Stock **(note                  15)                                                                                                                                                      |   |                                | **(25,234**    | **)**                         |   | (17,779 | ) |
| **Accumulated                  Other Comprehensive (Loss) Income**                                                                                                                                                       |   |                                | **2,762**      |                          |   | (7,417 | ) |
| **Accumulated                  Deficit**                                                                                                                                                                                 |   |                                | **(5,046,697** | **)**                         |   | (3,312,687 | ) |
|                                                                                                                                                                                                                     |   |                                |                |                          |   |  |   |
| **Total                  Stockholders' Deficit**                                                                                                                                                                         |   |                                | **(2,356,012** | **)**                         |   | (664,527 | ) |
|                                                                                                                                                                                                                     |   |                                |                |                          |   |  |   |
| **Total                  Liabilities and Stockholders' Deficit**                                                                                                                                                         |   | $                                   | **922,024**    |                          | $      | 1,450,891 |   |
|                                                                                                                                                                                                                     |   |                                |                |                          |   |  |   |

----

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

**(FORMERLY          MAGNADATA, INC.)**

|                                                                                                                                           |   | **2007** |           | (Restated)2006 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|----------------|----------------|--------|
|                                                                                                                                           |   |     |           |           |   |
| **Revenue**                                                                                                                                    |   | $        | **1,189,252**  |           | $      | 344,758 |   |
|                                                                                                                                           |   |     |           |           |   |   |   |
| **Expenses**                                                                                                                                   |   |     |           |           |   |   |   |
|                                                                                                                                           |   |     |           |           |   |   |   |
| Commission                    and agent fees                                                                                                   |   |     | **1,209,691**  |           |   | 226,748 |   |
| Salaries                    and benefits                                                                                                       |   |     | **310,117**    |           |   | 512,157 |   |
| General                    and administrative expenses                                                                                         |   |     | **238,298**    |           |   | 200,151 |   |
| Stock-based                    compensation (note 17c(ii))                                                                                     |   |     | **105,623**    |           |   | - |   |
| Employee                    stock-based compensation (note 11c)                                                                                |   |     | **695,181**    |           |   | - |   |
| Warrant                    based compensation                                                                                                  |   |     | **-**          |           |   | 91,331 |   |
| Stock-based                    compensation (note 17a, 17b, and 17c(i))                                                                        |   |     | **358,139**    |           |   | - |   |
| Interest                    expense - beneficial conversion feature (note 7)                                                                   |   |     | **-**          |           |   | 108,840 |   |
| Occupancy                    costs                                                                                                             |   |     | **7,353**      |           |   | 19,320 |   |
|                                                                                                                                           |   |     |           |           |   |   |   |
| **Total                    Operating Expenses**                                                                                                |   |     | **2,924,402**  |           |   | 1,158,547 |   |
|                                                                                                                                           |   |     |           |           |   |   |   |
| **Loss                    from Operations**                                                                                                    |   |     | **(1,735,150** | **)**          |   | (813,789 | ) |
|                                                                                                                                           |   |     |           |           |   |   |   |
| **Other                    (Expense)** **Income**                                                                                         |   |     |           |           |   |   |   |
| Interest                    and bank charges                                                                                                   |   |     | **-**          |           |   | (3,689 | )  |
|                                                                                                                                           |   |     |           |           |   |   |   |
| **Total                    Other (Expense) Income**                                                                                            |   |     | **-**          |           |   | (3,689 | )  |
|                                                                                                                                           |   |     |           |           |   |   |   |
| **Loss                    Before Income Taxes**                                                                                                |   |     | **(1,735,150** | **)**          |   | (817,478 | ) |
|                                                                                                                                           |   |     |           |           |   |   |   |
| Provision                    for income taxes (note 16)                                                                                        |   |     | **-**          |           |   | - |   |
|                                                                                                                                           |   |     |           |           |   |   |   |
| **Net                    Loss**                                                                                                                |   |     | **(1,735,150** | **)**          |   | (817,478 | ) |
|                                                                                                                                           |   |     |           |           |   |   |   |
| **Foreign                    Currency Translation Adjustment**                                                                                 |   |     | **1,139**      |           |   | 4,650 |   |
|                                                                                                                                           |   |     |           |           |   |   |   |
| **Total                    Comprehensive Loss**                                                                                                |   | $        | **(1,734,011** | **)**          | $      | (822,128 | )  |
|                                                                                                                                           |   |     |           |           |   |   |   |
| **Net                    Loss per Share - Basic and Diluted During the                    Year**                                               |   | $        | **(0.05**      | **)**          | $      | (0.02 | ) |
|                                                                                                                                           |   |     |           |           |   |   |   |
| **Weighted                    Average Number of Shares Outstanding - Basic and Diluted During                    the                    Year** |   |     | **36,098,248** |           |   | 34,019,056 |   |
|                                                                                                                                           |   |     |           |           |   |   |   |

----

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

**(FORMERLY          MAGNADATA, INC.)**

|                                                                                                                        |   | **2007** |             | 2006   |   |
|-----------------------------------------------------------------------------------------------------------------------------|--------|----------|------------------|--------|--------|
| **Cash                    Flows from Operating Activities**                                                                 |   |     |                  |   |   |  |   |
| Net                    loss                                                                                                 |   | **$**    | (1,735,150       | )      | $      | (817,478 | ) |
| Adjustments                    to reconcile net loss to net cash (used in) operating                    activities:         |   |     |                  |   |   |  |   |
| Depreciation                                                                                                                |   |     | **4,839**        |   |   | - |   |
| Loss                    on disposal of assets                                                                               |   |     | **-**            |   |   | - |   |
|                        Interest expense - beneficial conversion feature                                      |   |     | **-**            |   |   | 108,840 |   |
|                        Stock issued for services                                                             |   |     | **-**            |   |   | 441,000 |   |
|                       Stock issued for general and administrative expenses                                        |   |     | **7,500**        |   |   | - |   |
|                        Employee stock-based compensation                                                     |   |     | **695,181**      |   |   | - |   |
|             Stock-based                    compensation accrual |   |     | **463,762**      |   |   | - |   |
| Net                    changes in non-working capital:                                                                      |   |     |                  |   |   |  |   |
|                         Referral fees held in trust                                                     |   |     | **(**30,492****  | **)**  |   | - |   |
| Prepaid                    expense                                                                                          |   |     | **337**          |   |   | (89,965 | ) |
| Accounts                    payable                                                                                         |   |     | **6,070**        |   |   | 196,490 |   |
| Related                    party payable                                                                                    |   |     | **(36,669**      | )      |   | - |   |
| Trust                    liability                                                                                          |   |     | **30,492**       |   |   | - |   |
|                                                                                                                        |   |     |                  |   |   |  |   |
| **Net                    Cash (Used in) Operating Activities**                                                              |   |     | **(**594,130**** | **)**  |   | (161,113 | ) |
|                                                                                                                        |   |     |                  |   |   |  |   |
| **Cash                    Flows from Investing Activities**                                                                 |   |     |                  |   |   |  |   |
| Purchase                    of equipment, net                                                                               |   |     | **-**            |   |   | - |   |
|          Disposal                    of                    equipment           |   |     | **-**            |   |   | - |   |
| Equipment                    under capital leases                                                                           |   |     | **-**            |   |   | - |   |
|                                                                                                                        |   |     |                  |   |   |  |   |
| **Net                    Cash Used in Investing Activities**                                                                |   |     | **-**            |   |   | - |   |
|                                                                                                                        |   |     |                  |   |   |  |   |
| **Cash                    Flows from Financing Activities**                                                                 |   |     |                  |   |   |  |   |
| Deferred                    offering costs                                                                                  |   |     | **-**            |   |   | - |   |
| Proceeds                    from notes payable                                                                              |   |     | **-**            |   |   | 23,000 |   |
| Obligation                    under capital leases                                                                          |   |     | **(265**         | **)**  |   | - |   |
| Proceeds                    from advances from related party                                                                |   |     | **-**            |   |   | - |   |
| Repayment                    of advances from related party                                                                 |   |     | **-**            |   |   | (7,118 | ) |
| Issuance                    of common stock for cash                                                                        |   |     | **32,301**       |   |   | 91,410 |   |
| Treasury                    stock                                                                                           |   |     | **(7,455**       | **)**  |   | - |   |
| Proceeds                    from issuance of warrants for cash                                                              |   |     | **-**            |   |   | - |   |
| Subscription                    for stock                                                                                   |   |     | **-**            |   |   | - |   |
| Increase                    in bank indebtedness                                                                            |   |     | **5,187**        |   |   | (331 | ) |
|                                                                                                                        |   |     |                  |   |   |  |   |
| **Net                    Cash Provided by Financing Activities**                                                            |   |     | **29,768**       |   |   | 106,961 |   |
|                                                                                                                        |   |     |                  |   |   |  |   |
| **Net                    (Decrease) Increase in Cash and Cash Equivalents**                                                 |   |     | **(**564,362**** | **)**  |   | 54,152 |   |
|                                                                                                                        |   |     |                  |   |   |  |   |
| **Foreign                    Exchange on Balances**                                                                         |   |     | **10,179**       |   |   | (6,991 | ) |
|                                                                                                                        |   |     |                  |   |   |  |   |
| **Cash                    and Cash Equivalents - Beginning of Year**                                                        |   |     | **1,238,357**    |   |   | 169,093 |   |
|                                                                                                                        |   |     |                  |   |   |  |   |
| **Cash                    and Cash Equivalents - End of Year**                                                              |   | **$**    | **684,174**      |   | $      | 107,950 |   |
|                                                                                                                        |   |     |                  |   |   |  |   |
| **Supplemental                    Cash Flow Information**                                                                   |   |     |                  |   |   |  |   |
| Interest                    paid                                                                                            |   | **$**    | **1,577**        |   | $      | 2,560 |   |
|         Income                    taxes                    paid                     |   | **$**    | **-**            |   | $      | - |   |

----

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

**(FORMERLY        MAGNADATA, INC.)**

  

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

----

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

**(FORMERLY        MAGNADATA, INC.)**

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

| a)   | Interim                Financial Statements |
|----------------|---------------------------------------------|

| b)   |  Basis                  of Consolidation and                  Presentation |
|----------------|---------------------------------------------------------------------------------|

| 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**                  (cont'd) |
|--------------|-------------------------------------------------------------------------------------------|

|   | e) | Deferred                    Offering Costs |
|--------|----|--------------------------------------------|

|   | f) | Revenue                  Recognition |
|--------|----|--------------------------------------|

|   | g) | Use                  of Estimates |
|--------|----|-----------------------------------|

|   | h) | Financial                      Instruments |
|--------|----|--------------------------------------------|

----

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

**(FORMERLY        MAGNADATA, INC.)**

| **2.**  | **Summary                        of Significant Accounting Policies**                        (cont'd) |
|--------------|-------------------------------------------------------------------------------------------------------|

|   | i) | Impairment                  of Long-lived Assets |
|--------|----|--------------------------------------------------|

|   | j) | Share-based                          Payment |
|--------|----|----------------------------------------------|

|   | k) | Notes                              Payable |
|--------|----|--------------------------------------------|

----

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

**(FORMERLY        MAGNADATA, INC.)**

| **2.**  | **Summary                      of Significant Accounting Policies**                      (cont'd) |
|--------------|---------------------------------------------------------------------------------------------------|

|   | l) | Income                                Taxes |
|--------|----|---------------------------------------------|

|   | m) | Earnings                  or Loss Per Share |
|--------|----|---------------------------------------------|

|   | n) | Foreign                  Currency Translation |
|--------|----|-----------------------------------------------|

|   | o) | Comprehensive                  Income or Loss |
|--------|----|-----------------------------------------------|

----

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

**(FORMERLY        MAGNADATA, INC.)**

| **2.**  | **Summary                        of Significant Accounting Policies**                        (cont'd) |
|--------------|-------------------------------------------------------------------------------------------------------|

|   | p) | Concentration                      of Credit Risk |
|--------|----|---------------------------------------------------|

|   | q) | Recent                  Accounting Pronouncements |
|--------|----|---------------------------------------------------|

*Settlement*

|   | r) | Comparative                      Figures |
|--------|----|------------------------------------------|

| **3.** | **Equipment,                      net** |
|--------|-----------------------------------------|

|                                       |   |     |        |             |   | **Net                    Book** |   | Net                    Book |       |
|--------------------------------------------|--------|----------|-------------|------------------|--------|---------------------------------|--------|-----------------------------|------------|
|                                       |   |     |        | **Accumulated**  |   | **Value**                       |   | Value                       |       |
|                                       |   | **Cost** |        | **Depreciation** |   | **2007**                        |   | 2006                        |       |
|                                       |   |     |        |             |   |                            |   |                        |       |
| Furniture                    and equipment |   | **$**    | **106,829** |             | **$**  | **26,669**                      |   | **$**                       | **80,160** |   | $ | 83,650 |   |
| Computer                    equipment      |   |     | **19,178**  |             |   | **5,258**                       |   |                        | **13,920** |   |   | 14,921 |   |
| Computer                    software       |   |     | **-**       |             |   | **-**                           |   |                        | **-**      |   |   | - |   |
| Leasehold                    improvements  |   |     | **-**       |             |   | **-**                           |   |                        | -          |   |   | - |   |
|                                       |   |     |             |             |   |                                 |   |                        |            |   |   |  |   |
|                                       |   | **$**    | **126,007** |             | **$**  | **31,927**                      |   | **$**                       | **94,080** |   | $ | 98,571 |   |
|                                       |   |     |             |             |   |                                 |   |                        |            |   |   |  |   |

----

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

**(FORMERLY        MAGNADATA, INC.)**

| **4.** | **Equipment                  Under Capital Leases** |
|--------|-----------------------------------------------------|

|                                            |   | **2007** |      | 2006   |   |
|-------------------------------------------------|--------|----------|-----------|--------|--------|
| Computer                  equipment             |   | **$**    | **6,168** |   | $      | 6,115 |   |
| Less:                  accumulated depreciation |   |     | (1,318    | )      |   | (917 | ) |
|                                            |   |     |           |   |   |  |   |
|                                            |   | **$**    | **4,850** |   | $      | 5,198 |   |

| **5.** | **Deferred                  Offering Costs** |
|--------|----------------------------------------------|

|   | i) | 1,000,000                  common shares of the Company's common stock were offered to Mercatus                  Funding Partners, LLP at a price of $0.63 per share on November                  1, 2005.                  Such shares were issued pursuant to an exemption from registration                  at                  Section 4(2) of the Securities Act of 1933 and are restricted in                  accordance with Rule 144 of the Securities Act of                  1933. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii) | In                  September 2005, the Company started to work on a security offering                  to                  RE/MAX Ontario-Atlantic Canada Inc (“RE/MAX”). A formal Private Placement                  Memorandum was issued to prospective accredited investor participants                  on                  January 31, 2006. The RE/MAX private placement closed on June 12,                  2006                  with the sale of 2,112,470 common shares of MortgageBrokers.com                  Holdings,                  Inc. at a price of $1.00 per share. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  **6.** | **Bank                  Indebtedness** |
|--------------|----------------------------------------|

----

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

**(FORMERLY        MAGNADATA, INC.)**

| **7.**  | **Notes                          Payable** |
|--------------|--------------------------------------------|

|   | a) | the                  subscription for shares of Company's common stock (“Shares”) by such                  executive officers of RE/MAX as RE/MAX shall designate in connection                  with                  the proposed private placement of up to 6,000,000 Shares for gross                  proceeds of up to USD $6,000,000 contemplated to close in early                  Spring                  2006; or, |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | the                  deemed failure to negotiate one or more definitive agreements between                  RE/MAX and the Company establishing a mortgage origination and                  referral                  solution for RE/MAX, the acceptability of such definitive agreement(s),                  or                  the failure to negotiate such definitive agreement(s), to be determined                  by                  RE/MAX in its sole discretion. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

**(FORMERLY        MAGNADATA, INC.)**

| **8.**  | **Advances                              from Related                              Party** |
|--------------|-------------------------------------------------------------------------------------------|

| **9.**  | **Trust                                  Liability** |
|--------------|------------------------------------------------------|

| **10.**  | **Obligation                                    Under Capital                                    Leases** |
|---------------|-----------------------------------------------------------------------------------------------------------|

|                                          |   |   |      |
|-----------------------------------------------|--------|--------|-----------|
| 2007                                          |   | $      | **1,378** |   |
| 2008                                          |   |   | **2,230** |   |
| 2009                                          |   |   | **1,716** |   |
|                                          |   |   |           |   |
| Total                  minimum lease payments |   |   | **5,324** |   |
|                                          |   |   |           |   |
| Less:                  current portion        |   |   | (1,791    | ) |
|                                          |   |   |           |   |
| Long-term                  portion            |   | $      | **3,533** |   |
|                                          |   |   |           |   |

| **11.**  | **Stock-based                                        Compensation                                        Accrual** |
|---------------|--------------------------------------------------------------------------------------------------------------------|

|   | a) | As                  of March 31, 2007, the Company accrued a stock-based compensation                  expense                  for 584,091 common shares at a price of $0.80 per share for a total                  of                  $467,273 to the parties referred to in note 19a, 19b, and                  19c(i). |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | As                  of March 31, 2007, the Company accrued a stock-based compensation                  expense                  for 422,131 common shares at a price of $0.80 per share for a total                  of                  $337,705 to the parties referred to in note                  19c(ii). |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c) | During                  the period, the Company accrued a stock-based compensation expense                  of                  $695,181 (2006 - $187,939) under its Equity Compensation Plan referred                  to                  in note 12. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

**(FORMERLY        MAGNADATA, INC.)**

| **12.**  | **Capital                                            Stock** |
|---------------|--------------------------------------------------------------|

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

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

----

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

**(FORMERLY        MAGNADATA, INC.)**

| **12.**  | **Capital                                              Stock                                              (cont'd)** |
|---------------|----------------------------------------------------------------------------------------------------------------------|

| **13.**  | **Additional                                                Paid-in Capital -                                                Warrants** |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------|

| **14.**  | **Subscription                                                  Receivable** |
|---------------|------------------------------------------------------------------------------|

| **15.**  | **Treasury                                                      Stock** |
|---------------|-------------------------------------------------------------------------|

----

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

**(FORMERLY        MAGNADATA, INC.)**

| **16.**  | **Income                                                          Taxes** |
|---------------|---------------------------------------------------------------------------|

|                                                                                                                                                           |   | **2007** |          | 2006   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|---------------|--------|--------|
|                 Deferred                  Income                  Tax Assets:  |   |     |          |   |   |
|                 Operating                  loss                  carry forward |   | **$**    | **1,337,192** |   | $      | 747,629 |   |
|                 Valuation                  allowance                           |   |     | (1,337,192    | )      |   | (747,629 | ) |
|                                                                                                                                                           |   |     |               |   |   |  |   |
|         Total                  deferred tax effect                                                                     |   | **$**    | **-**         |   | $      | - |   |

|                                                                                                                                                                         |   | **2007** |          | 2005   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|---------------|--------|--------|
|     Deferred                  Tax                  Provision:                                                                                            |   |     |          |   |   |
|     Benefit                  at Federal statutory rate (34%)                                                                                             |   | **$**    | **1,337,192** |   | $      | 747,629 |   |
|     Change                  in valuation allowance                                                                                                       |   |     | (1,337,192    | )      |   | (747,629 | ) |
|                                                                                                                                                                         |   |     |               |   |   |  |   |
|     Provision                  for                  income taxes                                                                                         |   | **$**    | **-**         |   | $      | - |   |
|                                                                                                                                                                         |   |     |               |   |   |  |   |
|     Current                  Tax Provision:                                                                                                              |   |     |               |   |   |  |   |
|                                        Federal and State income tax |   | **$**    | **-**         |   | $      | - |   |
|                                                                                                                                                                         |   |     |               |   |   |  |   |

| **17.**  | **Commitments                                                            and                                                            Contingencies** |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a) | Independent                  Mortgage Agents/Loan Officers |
|--------|----|------------------------------------------------------------|

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

----

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

**(FORMERLY        MAGNADATA, INC.)**

| **17.**  | **Commitments                                                              and Contingencies                                                              (cont'd)** |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Number                  of Warrants: | $8,257                  worth of warrants divided by the Strike Price, per CDN $10 ($8.58                  USD)                  million in Average Volume, adjusted on a pro rata basis, no minimum                  or                  maximum thresholds.The warrants are convertible in common shares                  on a 1:1                  basis. |
|--------|--------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Earnings                      Period: | Series                      I warrants are earned in the first 5 years following the Effective                      Date; |
|--------|---------------------------------------|---------------------------------------------------------------------------------------------------------------------------|

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

|   | Determination                                Date:  | 5                                year anniversary of Effective                                Date  |
|--------|----------------------------------------------------------|----------------------------------------------------------------------------------------------------------|

|    | a) | Independent                  Mortgage Agents/Loan Officers                  (cont'd) |
|--------------|----|--------------------------------------------------------------------------------------|

|   | “Annual                  Volume”: | defined                  as the total mortgage origination volume executed per 12 month                  period                  following the Effective Date and subsequent 12 month periods following                  the                  anniversary dates of the Effective                  Date |
|--------|-----------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Number                  of Warrants: | $1,651                  worth of warrants divided by the Strike Price per CDN $10 ($8.58                  USD)                  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 |
|--------|--------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    | 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: | $3,000                  worth of warrants divided by the Strike Price per CDN $10 ($8.58                  USD) 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  |
|--------|-----------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

**(FORMERLY        MAGNADATA, INC.)**

| **17.**  | **Commitments                                                              and Contingencies                                                              (cont'd)** |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    | c) | RE/MAX |
|--------------|----|--------|

|   | i) | Pursuant                  to a ten year licensing agreement dated January 30, 2006 and amended                  May                  25, 2006, and pursuant to the execution of a one year renewable                  service                  level agreement by the RE/MAX Franchisee, the Company is committed                  to                  issuing to RE/MAX at no cost, warrants for common stock of the                  Company                  based on referrals leading to funded mortgage origination volume.                  The                  RE/MAX Warrant-Based Compensation Program issues warrants (“SERIES IV                  Warrants”) as follows based on current                  formulae: |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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: | $3,000                  worth of warrants divided by the Strike Price per $10 million dollars                  CDN                  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) | Pursuant                  to the ten year licensing agreement dated January 30, 2006 and                  amended May                  25, 2006, the Company has committed to issuing, at no cost, an                  aggregate                  of 528,118 common shares of the Company on each of the 10 year                  anniversary                  dates of the licensing agreement to those RE/MAX executives and                  franchisees that participated in the company's private placement                  which                  closed on June 12, 2006. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    | 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. |
|--------------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2007       |   | $ | 5,040 |   |
|------------|--------|---|-------|--------|
| 2008       |   | $ | 7,560 |   |
| 2009       |   | $ | 7,560 |   |
| 2010       |   | $ | 8,568 |   |
| 2011       |   | $ | 9,072 |   |
| Thereafter |   | $ | 3,024 |   |

----

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

**(FORMERLY        MAGNADATA, INC.)**

| **17.**  | **Commitments                                                              and Contingencies                                                              (cont'd)** |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | e) | On                  March 27, 2007, the Company entered into a lease to rent office                  space in                  Toronto, 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. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 2007   |   | $      | 72,269 |   |
|--------|--------|--------|--------|--------|
| 2008   |   | $      | 96,359 |   |
| 2009   |   | $      | 24,090 |   |
|   |   |   |   |   |

----

**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.”*

----

| 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, and marketing                services. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 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 Agents 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. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6)   | The                expected first Company stock warrants associated with this program                may be                executed by contracted sales mortgage agents in the fall of 2008                which                might be registered and monetized in 2009 at the earliest. It is                expected                that stock warrants for as many as 5,000,000 shares may be executed                with                the Canadian agency sales force between 2010 and                2015. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7)   | Alex                Haditaghi, the Company Chairman and Chief Executive Officer, has                agreed                that commencing on January 31, 2006, the first 4,000,000 shares to                be                exercised from warrant agreements through this program by the national                sales agency network will be provided out of Mr. Haditaghi's personal                holdings and be non-dilutionary on the Company's capital structure.                Under                this agreement Alex Haditaghi will cancel 4,000,000 of his personal                shares                upon the Company issuing 4,000,000 shares to the Company’s agency sales                force. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 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.                                                                                                                                                                                                   |

----

*Marketing      Activity:*

| 1)   | In                January 16, 2007 Dutton Associates initiated coverage of                MortgageBrokers.com with a Strong Speculative Buy rating and a $1.50                price                target. The 16-page update report by Dutton senior analyst Richard                W.                West, CFA was available at www.jmdutton.com as well as from First                Call,                Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals.                In its report, Mr. West described MortgageBrokers.com's business                model as                the consolidation of the small and medium sized enterprise (SME)                mortgage                brokerages into a scalable operating national network of branch retail                offices that can better compete in the mortgage industry under one                recognizable brand while eliminating long-standing industry issues                of                agent retention, equity ownership, and exit strategy. To attract                mortgage                originators, MortgageBrokers.com initiated its Broker Channel Recruitment                Program in August 2005. Through this program, MortgageBrokers.com                will be                offering MortgageBrokers.com equity ownership to independent SME                mortgage                brokers by giving stock warrants dependent upon the volume or origination                and time with MortgageBrokers.com. MorgageBrokers.com has executed                an                impressive fast start out of the gate. The fast rate of ramp-up in                revenue                should be increasing as the new mortgage originators from the recent                partnerships begin working through the MortgageBrokers.com system.                The                management of MortgageBrokers.com is an experienced team of senior                managers with many years of experience in the mortgage business.                MortgageBrokers.com has exhibited the attributes of an attractive                investment vehicle for capital appreciation. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2)   | The                Company was nominated for 'Best Newcomer' (National Brokerage) at                the 2007                CMP Canadian Mortgage Awards. The Best Newcomer Award recognizes                an                outstanding newcomer, encompassing both national networks and independent                operations, for their professionalism and excellence. MortgageBrokers.com                has also been nominated for 'Best Internet Presence' at the event.                The                Best Internet Presence award recognizes an organization's ability                to                portray its value proposition to the many stakeholders                involved. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3)   | The                Company had a booth and strong showing at the 5th                annual Mortgage Brokers Association of British Columbia Annual General                Conference in February attended by in excess of 1500 industry insiders                such as banks, lenders, mortgage brokerages and technology                firms. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4)   | The                Company had a strong presence and booth at the Ottawa regional HomeShow                in                April, 2007 |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------|

| 5)   | Our                Managing Partner Team in Ottawa, Team Elite, currently has television                and                radio advertising spots running on the CTV network and local                radio. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

*Business      Development Activity:*

| 1)   | Both                RE/MAX and MortgageBrokers.com announced the selection of Manulife                Financial as the new administrator of the Retirement Savings Program                for                RE/MAX Real Estate Agents. The company made the announcement with                its                strategic alliance partner RE/MAX Ontario-Atlantic Inc. (RE/MAX).                Under                the terms of the MortgageBrokers.com and RE/MAX strategic alliance,                a                portion of revenue generated on a funded mortgage referral will be                contributed towards the Retirement Savings Program for the referring                Real                Estate Agent. Manulife Financial will support the continuing                administration of this Program - the first of its scope in the Canadian                Real Estate Industry. A corporate mini site was developed in Manulife                website to provide additional information for RE/MAX Sales associate                about                this program at . |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2)   | MortgageBrokers.com                Inc announced in April, 2007 that the Company has begun a co-location                initiative with RE/MAX Realtron and RE/MAX Hallmark, two of Canada’s                largest RE/MAX franchise offices that have an estimated CAD$3.2 billion                in                combined sales. RE/MAX Hallmark and RE/MAX Realtron boast in excess                of                1,000 real estate agents in 14 retail locations throughout Ontario,                the                most populous province in Canada. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3)   | The                Company launched it’s service at RE/MAX Unique Inc. in Toronto, which                operates 2 retail franchise office locations, having in excess of                45 sales                associates in the centre of Toronto. RE/MAX Unique has two offices                in                Metropolitan Toronto and is owned and operated by John Meehan. John                Meehan                is a well-respected and experienced real estate broker and a former                president of the Toronto real estate board. The RE/MAX Unique’s areas                serviced include Metropolitan Toronto, Allenby, Forest Hill, Rosedale                and                surrounding areas. The RE/MAX Unique office is currently serviced                by three                MortgageBroker.com experienced sales                agents. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4)   | MortgageBrokers.com                signed exclusive licensing agreement with Seaway Mortgage Partners,                Inc.                this company is headquartered in Kingston, Ontario and was founded                by                Stephen Marshall a former loan officer from the Bank of Montreal.                Seaway                Mortgage Partners, Inc. serves the Seaway region consisting of Kingston,                Belleville, Peterborough, and other urban areas in eastern Ontario.                Seaway                has already begun participation in the RE/MAX co-location program                due to                its recent affiliation with the Company through RE/MAX Realty Concepts                Corp. which has an estimated 21.8% of this market. Seaway currently                has                offices in two RE/MAX locations and plans further expansion in the                near                future. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5)   | The                MortgageBrokers.com also executed Servicing agreement with RE/MAX                Niagara                Realty Limited in Niagara Falls, Ontario. The RE/MAX Niagara franchise                has                1 office and in excess of 100 sales associates and boasting a 50%                regional                market-share. Currently 1 MortgageBroker.com sales agent services                this                office. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6)   | The                  MortgageBrokers.com continued its fast growth in RE/MAX offices                  across                  Ontario and also executed Servicing agreement with RE/MAX Lake                  Country                  Realty Limited which boasts a greater than 45% market share in                  the                  Bracebridge and Gravenhurst areas of Ontario and in excess of 35                  sales                  associates. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1.   | Gross                revenue in the reporting period, which is considered the lowest mortgage                sales period seasonally, was our highest quarterly revenue recorded                to-date since the Company’s began operations as MortgageBrokers.com in                February, 2005, and exceeded Q3, 2006 - considered the highest quarterly                mortgage sales period seasonally, by 345%. This demonstrates that                the                company’s sales agency model is being well received in the market and is                gaining significant momentum. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | Our                  reported revenue for the period suggests that we presently have                  an                  annualized $2.8 billion book of business. This does not include                  the                  significant recruitment to our national sales agency made in Q1,                  whose                  revenue is typically not seen for three to four months following                  exclusive                  licensure with the Company. Management currently feel the Company                  is                  tracking to funding between $2.8 and $3.0 billion in mortgage origination                  sales in 2007 representing between $25 to $30 million dollars in                  gross                  revenue. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | The                Company is decreasing operating losses quarter over quarter and expects                to                reach profitability within Q2 or Q3 of 2007 with our existing cost                structure. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

----

**PART      II - OTHER INFORMATION**

**Item      1. Legal Proceedings.**

In      the      normal course of our business, we may periodically become subject to various      lawsuits. The following is a summary of current legal actions pending against      us      which may be considered material and contingent liabilities or liabilities      to      the Company as well as the outcomes of other former proceedings that the Company      is party to that may have been initiated or discontinued as of March 31,      2007.

| 1.         | The                Company received a statement of claim from 1098704 Alberta Ltd for                the                amount of CDN $50,000. 1098704 Alberta Ltd was a reported investor                into                the business of a former licensed mortgage agent operating under                Company                licensure in Q4 2005 and Q1 2006. The claim was related to the                reimbursement of an investment between the claimant and the Company's                former mortgage agent subcontractor and the claimant was requesting                that                the Company repay the failed investment on behalf of the former                independent mortgage agent subcontractor.. In the opinion of the                Company                and its legal counsel, the claim was without merit as the Company                had no                relationship, business or otherwise, with the claimant. The Company                subsequently filed a statement of defense and a counter claim in                the                amount of CAD $1,000,000. It was agreed between the parties to file                mutual                discontinuances related to each party's claims and that mutual                indemnification releases be executed. Discontinuance, Settlement                and                Release agreements were executed between the parties on November                10,                2006. |
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|  2.   | 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.                                                                                                                                                                                                                                                                                                                                                                           |
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|  3.   | The                Company received a statement of claim from Aliah Akram, a former                employee,                in the amount of approximately CADN $80,000 and 95,833 shares or                shares                equivalent claiming wrongful dismissal. The company plans to vigorously                defend itself and has filed its statement of defense with the Ontario                Superior Court of Justice.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

**Item      2. Changes in Securities.**

**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:  | May                21, 2007                      | */s/                Alex Haditaghi*                   |
|   | Alex                Haditaghi                    |
|   | President,                Secretary and Director |