UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   Form 10-QSB

(Mark One)
       [X]   QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
                                    SECURITIES EXCHANGE ACT OF 1934

                 For the quarterly period ended: March 31, 2003
                  ---------------------------------------------

       [  ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
                                                   EXCHANGE ACT

             For the transition period from                 to
                                            ---------------    ----------------
                        Commission file number 000-29549
            --------------------------------------------------------

                         Northeast Mortgage Corporation
 -------------------------------------------------------------------------------
                     (Exact name of small business issuer as
                            specified in its charter)

                     Nevada                       86-0972558
--------------------------------------------------------------------------------
             (State or other jurisdiction       (IRS Employer
         of incorporation or organization)     Identification No.)

               800 Main Street South, Southbury, Connecticut 06488
 ------------------------------------------------------------------------------
                    (Address of principal executive offices)

                                 (203) 262-6110
                            Issuer's telephone number


         (Former name,  former  address and former fiscal year, if changed since
last report.)


                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDING DURING THE PRECEDING FIVE YEARS

         Check whether the registrant  filed all documents and reports  required
to be  filed  by  Section  12,  13 or  15(d)  of  the  Exchange  Act  after  the
distribution of securities under a plan confirmed by a court. Yes ----- No -----


<PAGE>




                      APPLICABLE ONLY TO CORPORATE ISSUERS

         State the number of shares  outstanding of each of the issuer's classes
of common equity,  as of the latest  practical  date:  August 27, 2003 4,000,000


         Transitional Small Business Disclosure Format (check one).
Yes      ;  No   X
    ----       -----








































<PAGE>



                                     PART I

Item 1.  Financial Statements

                         INDEPENDENT ACCOUNTANT'S REPORT

Northeast Mortgage Corporation

         We have reviewed the accompanying  balance sheets of Northeast Mortgage
Corporation as of March 31, 2003,  and the related  statements of operations and
cash flows for the three months ended March 31, 2003 and 2002.  These  financial
statements are the responsibility of the Company's management.

         We conducted our review in accordance with standards established by the
American  Institute  of  Certified  Public  Accountants.  A  review  of  interim
financial  information consists principally of applying analytical procedures to
financial  data and making  inquiries of persons  responsible  for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the expression of an opinion regarding the financial statement taken as a whole.
Accordingly, we do not express such an opinion.

         Based on our  review,  we are not aware of any  material  modifications
that should be made to the accompanying  financial  statements for them to be in
conformity with accounting principles generally accepted in the United States of
America.

         We have  previously  audited,  in accordance  with  auditing  standards
generally  accepted  in the  United  States of  America,  the  balance  sheet of
Northeast  Mortgage  Corporation  as of  December  31,  2002,  and  the  related
statements of operations, cash flows, and stockholders' equity for the year then
ended  (not  presented  herein);  and in our  report  dated  July 18,  2003,  we
expressed an unqualified opinion on those consolidated financial statements.  In
our opinion, the information set forth in the accompanying  consolidated balance
sheet as of December 31, 2002, is fairly stated,  in all material  respects,  in
relation to the balance sheet from which it has been derived.

                                                    Respectfully submitted



                                                    /s/ Robison, Hill & Co.
                                                    Certified Public Accountants

Salt Lake City, Utah
August 28, 2003





<PAGE>



                         NORTHEAST MORTGAGE CORPORATION
                                 BALANCE SHEETS
<TABLE>
<CAPTION>

                                                                                 March 31,          December 31,
ASSETS:                                                                             2003                2002
                                                                             ------------------  ------------------
Current Assets:
<S>                                                                          <C>                 <C>
     Cash                                                                    $          919,756  $          481,576
     Mortgages Receivable                                                            29,458,533          36,753,559
     Accounts Receivable                                                                688,002             577,767
     Employee Advances                                                                  206,379             146,328
                                                                             ------------------  ------------------

          Total Current Assets                                                       31,272,670          37,959,230
                                                                             ------------------  ------------------

Fixed Assets - Net                                                                      203,691             218,547
                                                                             ------------------  ------------------

Other Assets:
     Deposits                                                                           196,616             182,573
     Notes Receivable - Second Mortgages                                                 52,800              52,800
     Customer Lists - Net                                                               238,672             277,172
     Deferred Tax Assets                                                                 41,775              32,674
                                                                             ------------------  ------------------

          Total Other Assets                                                            529,863             545,219
                                                                             ------------------  ------------------

          Total Assets                                                       $       32,006,224  $       38,722,996
                                                                             ==================  ==================
</TABLE>


















<PAGE>



                         NORTHEAST MORTGAGE CORPORATION
                                 BALANCE SHEETS
                                   (continued)
<TABLE>
<CAPTION>

                                                                                 March 31,          December 31,
LIABILITIES & STOCKHOLDERS' EQUITY                                                  2003                2002
                                                                             ------------------  ------------------
Current Liabilities:
<S>                                                                          <C>                 <C>
     Note Payable - Bank                                                     $           67,600  $           67,600
     Warehouse Line of Credit                                                        28,692,476          36,013,269
     Accounts Payable and Accrued Expenses                                              666,745             680,728
     Capital Lease Obligation - Current                                                  25,619              24,458
     Income Taxes Payable                                                               423,701             165,274
                                                                             ------------------  ------------------

         Total Current Liabilities                                                   29,876,141          36,951,329

Long-Term Liabilities:
     Notes Payable - Bank                                                               466,690             489,222
     Capital Lease Obligation - Long-Term                                                12,159              19,016
                                                                             ------------------  ------------------

         Total Long-Term Liabilities                                                    478,849             508,238
                                                                             ------------------  ------------------

         Total Liabilities                                                           30,354,990          37,459,567
                                                                             ------------------  ------------------

Stockholders' Equity
     Preferred Stock, par value $.001, 10,000,000 shares
          Authorized, 4,600,000 shares issued at March 31, 2003,
          and -0- shares issued at December 31, 2002                                      4,600               4,600
     Common Stock, par value $.001, 100,000,000 shares
          Authorized, 4,000,000 shares issued at March 31, 2003,
          1,000,000 shares issued at December 31, 2002                                    4,000               4,000
     Additional Paid-In Capital                                                       1,082,734           1,082,734
     Retained Earnings (Deficit)                                                        559,900             172,095
                                                                             ------------------  ------------------

          Total Stockholders' Equity                                                  1,651,234           1,263,429
                                                                             ------------------  ------------------

          Total Liabilities and Stockholders' Equity                         $       32,006,224  $       38,722,996
                                                                             ==================  ==================
</TABLE>

                 See accompanying notes and accountants' report.






<PAGE>



                         NORTHEAST MORTGAGE CORPORATION
                            STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>


                                                                                      For the Three Months
                                                                                             Ended
                                                                                           March 31,
                                                                             --------------------------------------
                                                                                    2003                2002
                                                                             ------------------  ------------------

<S>                                                                          <C>                 <C>
Revenues                                                                     $        3,719,867  $        2,269,679
                                                                             ------------------  ------------------

Operating Expenses:
  Sales and Marketing                                                                   331,929             181,132
  General and Administrative                                                          2,658,405           1,767,453
                                                                             ------------------  ------------------

      Total Operating Expenses                                                        2,990,334           1,948,585
                                                                             ------------------  ------------------

Net Operating Income (Loss)                                                             729,533             321,094

Other Income (Expense):
   Interest Income                                                                      259,002              83,529
   Interest Expense                                                                    (351,404)           (206,350)
                                                                             ------------------  ------------------

Net Income (Loss) Before
   Income Taxes                                                                         637,131             198,273

Income Tax (Expense) Benefit
   Current Federal Tax                                                                 (209,828)            (51,375)
   Current State Tax                                                                    (48,599)            (17,111)
   Deferred Income Tax                                                                    9,101              10,150
                                                                             ------------------  ------------------

Net Income (Loss)                                                            $          387,805  $          139,937
                                                                             ==================  ==================

Net Income (Loss) per Share                                                  $             0.05  $             0.02
                                                                             ==================  ==================

                                                                                      8,600,000           8,600,000
                                                                             ==================  ==================
</TABLE>




                 See accompanying notes and accountants' report.



<PAGE>



                         NORTHEAST MORTGAGE CORPORATION
                            STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
                                                                                   For the three months ended
                                                                                           March 31,
                                                                             --------------------------------------
                                                                                    2003                2002
                                                                             ------------------  ------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                          <C>                 <C>
Net Income (Loss)                                                            $          387,805  $          139,937
Adjustments to reconcile net loss to net cash
Provided by operating activities
Depreciation and Amortization                                                            56,108              59,178
(Increase) Decrease in Deferred Tax Asset                                                (9,101)            (10,150)
(Increase) Decrease in Accounts Receivable                                             (110,235)             12,243
(Increase) Decrease in Employee Advances                                                (60,051)            (11,917)
(Increase) Decrease in Customer Lists                                                         -              (1,000)
(Increase) Decrease in Mortgages Receivable                                           7,295,026          17,607,115
Net Borrowing under Line of Credit Arrangements                                      (7,320,793)        (17,572,286)
(Decrease) Increase in Accounts Payable and Accrued Expenses                            244,444             116,743
                                                                             ------------------  ------------------
      Net Cash Used in Operating Activities                                             483,203             339,863
                                                                             ------------------  ------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Fixed Assets                                                                 (2,752)                  -
(Increase) Decrease in Deposits                                                         (14,043)             (8,030)
                                                                             ------------------  ------------------
      Net Cash Used in Investing Activities                                             (16,795)             (8,030)
                                                                             ------------------  ------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on Long-term Debt                                                              (28,228)            (20,502)
Payments on Shareholder Payables                                                              -             (61,822)
                                                                             ------------------  ------------------
      Net Cash Provided by Financing Activities                                         (28,228)            (82,324)
                                                                             ------------------  ------------------

Net (Decrease) Increase in
  Cash and Cash Equivalents                                                             438,180             249,509
Cash and Cash Equivalents
  at Beginning of Period                                                                481,576             106,030
                                                                             ------------------  ------------------
Cash and Cash Equivalents
  at End of Period                                                           $          919,756  $          355,539
                                                                             ==================  ==================


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
-------------------------------------------------
Cash paid during the year for:
  Interest                                                                   $          351,404  $          206,350
  Franchise and income taxes                                                 $                -  $                -
</TABLE>

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES: None


                 See accompanying notes and accountants' report.


<PAGE>



                         NORTHEAST MORTGAGE CORPORATION
                          NOTES TO FINANCIAL STATEMENTS
               FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         This summary of accounting policies for Northeast Mortgage  Corporation
is presented to assist in understanding the Company's financial statements.  The
accounting policies conform to generally accepted accounting principles and have
been consistently applied in the preparation of the financial statements.

Interim Reporting

         The  unaudited  financial  statements  as of March 31, 2003 and for the
three  month  period  then ended  reflect,  in the  opinion of  management,  all
adjustments  (which  include  only normal  recurring  adjustments)  necessary to
fairly  state the  financial  position and results of  operations  for the three
months.  Operating results for interim periods are not necessarily indicative of
the results which can be expected for full years.

Organization and Basis of Presentation

         The Company was  incorporated  under the laws of the State of Nevada on
July 25, 1997.  The Company  ceased all operating  activities  during the period
from July 25, 1997 to October 20, 1999 and was considered dormant.  From October
20,  1999 to March 26,  2002,  the  Company  was in the  development  stage.  On
February  25,  2002,  the  Company  changed  its  name  to  Northeast   Mortgage
Corporation  in  anticipation  of its  acquisition  of the  assets of  Northeast
Mortgage,  LLC, a Connecticut  limited liability company. On March 27, 2002, the
Company  completed  the  acquisition  of the assets of Northeast  Mortgage,  LLC
pursuant to a Contribution  Agreement dated October 30, 2001. The Company,  with
offices in Southbury,  Connecticut; Easton, Massachusetts;  Scottsdale, Arizona:
and Philadelphia, PA, is a mortgage lender.

         Since the former members of Northeast Mortgage,  LLC control 88% of the
Company  after  the  acquisition,   the  transaction  has  been  recorded  as  a
recapitalization of Northeast Mortgage,  LLC. The equity of the Company has been
restated  retroactively  to  reflect  the  recapitalization  on these  financial
statements.

Nature of Business

         The Company is engaged primarily in the mortgage banking business.  Its
principal  activity is the origination  and sale of mortgage loans.  The Company
does not retain the right to service any of the mortgage loans sold to permanent
investors.  The Company,  as a non  supervised  mortgagee,  also  originates FHA
insured Title II mortgages which are sold to permanent investors.





<PAGE>



                         NORTHEAST MORTGAGE CORPORATION
                          NOTES TO FINANCIAL STATEMENTS
               FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
                                   (Continued)

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Cash and Cash Equivalents

         For purposes of the statement of cash flows, the Company  considers all
highly liquid debt instruments purchased with a maturity of three months or less
to be cash equivalents to the extent the funds are not being held for investment
purposes.

Pervasiveness of Estimates

         The  preparation of financial  statements in conformity  with generally
accepted  accounting  principles  required  management  to  make  estimates  and
assumptions  that  affect the  reported  amounts of assets and  liabilities  and
disclosure of  contingent  assets and  liabilities  at the date of the financial
statements  and the  reported  amounts  of  revenues  and  expenses  during  the
reporting period. Actual results could differ from those estimates.

Fixed Assets

         Fixed assets are recorded at cost.  Major renewals and improvements are
capitalized,  while  maintenance  and repairs are expensed when incurred.  As of
March 31, 2003, depreciation is computed as follows:
<TABLE>
<CAPTION>
                                                                                Accumulated
                               Cost              Method           Life         Depreciation             Net
                         -----------------  ----------------  ------------  -------------------  ------------------
Furniture and
<S>                      <C>                <C>               <C>           <C>                  <C>
Fixtures                 $         288,518    Accelerated       7 Years     $           208,905  $           79,613
Office Equipment                   515,358    Accelerated       5 Years                 391,280             124,078
                         -----------------                                  -------------------
                         $         803,876                                  $           600,185  $          203,691
                         =================                                  ===================  ==================

         As of December 31, 2002, depreciation is computed as follows:



                                                                                Accumulated
                               Cost              Method           Life         Depreciation             Net
                         -----------------  ----------------  ------------  -------------------  ------------------
Furniture and
Fixtures                 $         288,518    Accelerated       7 Years     $           202,885  $           85,633
Office Equipment                   512,605    Accelerated       5 Years                 379,691             132,914
                         -----------------                                  -------------------
                         $         801,123                                  $           582,576  $          218,547
                         =================                                  ===================  ==================
</TABLE>



<PAGE>



                         NORTHEAST MORTGAGE CORPORATION
                          NOTES TO FINANCIAL STATEMENTS
               FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
                                   (Continued)

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Earnings per Share

         Basic earnings per share has been computed by dividing the earnings for
the period applicable to the common  stockholders by the weighted average number
of common  shares  outstanding  during the years.  The total number of shares at
March 31, 2003 and 2002,  includes  4,000,000  common shares that are issued and
outstanding and 4,600,000  shares of Series A Convertible  Preferred  Stock. The
Series A shares are convertible to one share of common stock.

         There are no dilutive outstanding common stock equivalents at March 31,
2003 and 2002.

Concentration of Credit Risk

         The Company's  financial  instruments that are exposed to concentration
of credit risk consist primarily of cash and mortgages  receivable.  The Company
places its cash investments with high credit quality institutions. At times such
investments  may be in  excess  of  the  FDIC  insurance  limit.  The  mortgages
receivable are secured by residential real estate.

Income Taxes

         The Company  accounts  for income  taxes under the  provisions  of SFAS
No.109,  "Accounting  for Income  Taxes." SFAS No.109  requires  recognition  of
deferred  income tax assets and  liabilities  for the expected future income tax
consequences,  based on enacted tax laws, of temporary  differences  between the
financial reporting and tax bases of assets and liabilities.

Comprehensive Income

         The Company does not have any accumulated  comprehensive  income items,
and therefore, is not required to report comprehensive income.

Advertising

         Advertising costs are expensed as incurred.

Revenue Recognition

         Revenue and related  costs are reflected in the accounts when earned or
incurred.




<PAGE>



                         NORTHEAST MORTGAGE CORPORATION
                          NOTES TO FINANCIAL STATEMENTS
               FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
                                   (Continued)

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Recent Accounting Pronouncements

         In June 2001, the Financial  Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") 141, Business Combinations,
and SFAS 142,  Goodwill and  Intangible  Assets.  SFAS 141 is effective  for all
business  combinations  completed after June 30, 2001. SFAS 142 is effective for
fiscal years beginning after December 15, 2001;  however,  certain provisions of
this Statement apply to goodwill and other  intangible  assets acquired  between
July 1, 2001 and the  effective  date of SFAS  142.  Major  provisions  of these
Statements and their effective dates for the Company are as follows:

         (a)      All business  combinations  initiated after June 30, 2001 must
                  use  the  purchase  method  of  accounting.   The  pooling  of
                  interests  method  of  accounting  is  prohibited  except  for
                  transactions initiated before July 1, 2001.
         (b)      Intangible  assets acquired in a business  combination must be
                  recorded   separately   from   goodwill  if  they  arise  from
                  contractual  or other legal rights or are  separable  from the
                  acquired entity and can be sold, transferred, licensed, rented
                  or  exchanged,  either  individually  or as part of a  related
                  contract, asset or liability.
         (c)      Goodwill,  as well as intangible assets with indefinite lives,
                  acquired after June 30, 2001, will not be amortized.
         (d)      Effective January 1, 2002, all previously  recognized goodwill
                  and intangible  assets with indefinite lives will no longer be
                  subject to amortization.
         (e)      Effective January 1, 2002, goodwill and intangible assets with
                  indefinite  lives will be tested for  impairment  annually and
                  whenever there is an impairment indicator.
         (f)      Effective  January 1,  2002,  the  useful  life of  intangible
                  assets  with finite  lives will be  evaluated  each  reporting
                  period to determine whether events and circumstances warrant a
                  revision to the remaining period of amortization.
         (g)      All acquired  goodwill must be assigned to reporting units for
                  purposes of impairment testing and segment reporting.

         On January 1, 2002, the Company  adopted SFAS 142 and as required,  the
useful lives of the customer lists were evaluated and the remaining amortization
periods  adjusted  accordingly.  Prior to the  adoption of SFAS 142, the Company
amortized  the customer  lists over an estimated  useful life of fifteen  years.
Since the adoption of SFAS 142, the Company amortizes the customer lists over an
estimated useful life of five years.





<PAGE>


                         NORTHEAST MORTGAGE CORPORATION
                          NOTES TO FINANCIAL STATEMENTS
               FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
                                   (Continued)

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Intangible Assets

         Intangible Assets consisted of the following at March 31, 2003:

           Intangible Asset                                  Amortization Period
Customer Lists                                  $       516,609          5 Years
Less accumulated amortization                          (277,937)
                                                ---------------
Total                                           $       238,672
                                                ===============

         Intangible Assets consisted of the following at December 31, 2002:


           Intangible Asset                                  Amortization Period
Customer Lists                                  $       516,609          5 Years
Less accumulated amortization                          (239,437)
                                                ---------------
Total                                           $       277,172
                                                ===============

NOTE 2 - MORTGAGES RECEIVABLE

         Mortgages  Receivable consist principally of real estate mortgage loans
originated and held for sale to permanent  investors.  They are held at lower of
cost or market. Market value is determined by the permanent investor commitment.
Also included in Mortgages  Receivable are private real estate  mortgages,  with
terms of three and six months, that bear interest at 13.99% per annum. The notes
are secured by residential  real estate located in the states of Connecticut and
Arizona and are financed through the Company. The fair value for these mortgages
receivable  approximate  carrying  amounts due to the short  maturities of these
instruments.

         Losses are  recorded as  incurred.  The Company  has no  provision  for
losses because it has never had a  delinquency.  The  probability  for a loss is
immaterial,  due to the fact  that the  loans  are sold to  permanent  investors
before funding.

NOTE 3 - CUSTOMER LISTS

         The Company  acquired its customer lists through  direct  purchase from
various  vendors.  These are recorded at cost and  amortized  using the straight
line  method over five  years,  which is the  estimated  useful  life.  With the
formation of the Company's telemarketing department,  the customer lists are now
a  component  of the  Company's  data base,  and  through  statistical  reports,
impairment is evaluated on an annual basis.


<PAGE>



                         NORTHEAST MORTGAGE CORPORATION
                          NOTES TO FINANCIAL STATEMENTS
               FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
                                   (Continued)

NOTE 4 - INCOME TAXES

         Deferred taxes result from temporary  differences in the recognition of
income and expenses for income tax reporting and financial  statement  reporting
purposes. The Company had deferred tax benefits of $41,775 as of March 31, 2003.
These deferred tax benefits are the result of  differences  between book and tax
depreciation and amortization of intangible assets.

         The  difference  between the effective  income tax rate and the federal
statutory  income tax rate on the loss from continuing  operations are presented
below:
<TABLE>
<CAPTION>
                                                                                 March 31,           March 31,
                                                                                    2003                2002
                                                                             ------------------  ------------------

<S>                                                                          <C>                 <C>
Expense (Benefit) at the federal statutory rate of 34%                       $          200,101  $           61,595
Nondeductible expenses                                                                      626                 626
State Income Taxes                                                                       48,599              17,111
Surtax Exemption                                                                        (39,498)            (27,957)
                                                                             ------------------  ------------------
Effective Tax Expense                                                        $          209,828  $           51,375
                                                                             ==================  ==================
</TABLE>

NOTE 5 - OPERATING LEASE COMMITMENTS

         The Company  leases  office space in  Southbury,  Connecticut;  Easton,
Massachusetts;   Scottsdale,   Arizona  and  Philadelphia,   Pennsylvania  under
agreements with terms of one to five years.  In addition to the base rents,  the
Company  is,  in  general,  responsible  for  paying  its pro rata  share of the
increases  in real  estate  taxes  and  operating  expenses  over the base  year
amounts.

         The Company  leases office  equipment  under  agreements  with terms of
three years.

         The following  summarizes  the future  minimum lease payments under all
noncancellable operating lease obligations:

                                    2003                                $321,943
                                    2004                                 164,822
                                    2005                                  50,367
                                    2006                                       -
                                    2007                                       -






<PAGE>



                         NORTHEAST MORTGAGE CORPORATION
                          NOTES TO FINANCIAL STATEMENTS
               FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
                                   (Continued)

NOTE 6 - DEPOSITS

         Included in deposits  are amounts  paid to  permanent  investors  under
indemnification  agreements  for loans sold and now serviced by said  investors.
Management expects no future indemnifications,  nor do they expect to repurchase
any loan sold,  and  accordingly,  no provision  has been made in the  financial
statements.

NOTE 7 - PROFIT SHARING PLAN

         On June 1, 1997,  the Company  (employer)  established  a 401(k) Profit
Sharing Plan.  Any full time employee who has completed  three months of service
and has  attained  age 21 is eligible to  participate.  The  employer can make a
discretionary matching contribution based on the employee elective contribution.
The contribution, if any, is determined each year. For 2002 and 2001, there were
no matching contribution made.

NOTE 8 - LINE OF CREDIT
<TABLE>
<CAPTION>
                                                                                     March 31,        December 31,
                                                                                       2003               2002
                                                                                 ----------------- ------------------
<C>                                                                              <C>               <C>
$35,000,000 Line of Credit -Horizon Bank                                         $      24,911,593 $       28,630,208
    Interest at Prime plus 1% per annum
    Security interest in all business assets and personal guarantee
    of members and their spouses, Amended and restated
    February 18, 2003, Expires January 31, 2004

$7,500,000 Line of Credit - People's Bank                                                3,780,883          7,383,061
    Interest at Federal Discount Rate
    Security interest in all business assets and personal guarantee
    of  members and their spouses
    Expires July 31, 2004

                                                                                 ----------------- ------------------
                  Total Lines Of Credit                                          $      28,692,476 $       36,013,269
                                                                                 ================= ==================
</TABLE>

NOTE 9 - NOTE PAYABLE - BANK

         On March 29, 2001, the Company  signed a credit  agreement with Newtown
Savings Bank (Bank).  The new agreement amends the Commercial Note and Revolving
Loan Agreement  dated December 4, 1997 wherein a revolving  credit  facility was
made  available to the Company by the Bank in the amount of one million  dollars
($1,000,000).

         The new  agreement,  with a  principal  sum of  $676,000  is payable in
fifty-nine (59) monthly principal payments of $5,633.33 plus interest commencing
April 29, 2001 with the final payment of the entire unpaid principal  balance of
$343,633.53 plus interest payable on March 29, 2006.


<PAGE>

                         NORTHEAST MORTGAGE CORPORATION
                          NOTES TO FINANCIAL STATEMENTS
               FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
                                   (Continued)

NOTE 9 - NOTE PAYABLE - BANK (Continued)

Interest is  calculated at a variable  rate per annum of two  percentage  points
above the Prime Rate as published by the Wall Street Journal.

NOTE 10 - COMMITMENTS AND CONTINGENCIES

         The Company is involved in various legal actions  arising in the normal
course of business. The Company is a party in the following pending matters:

         In Luciano et al v. Northeast Mortgage,  LLC, the Plaintiff is suing as
a result of an alleged breach of a commitment to lend $180,000, as well as other
tort related claims.  The Plaintiff does not have an attorney and  consequently,
the nature and basis of the claims are difficult to determine from the pleadings
that have been filed to date.  The  Company  intends to  vigorously  defend this
action and has joined co-defendant IndyMac Mortgage Holdings,  Inc. in retaining
legal counsel to represent its  interests.  A Motion to Dismiss the  Plaintiff's
claims has been granted and the Plaintiff has filed several motions to reinstate
the claims.  Due to the fact that the litigation has never  progressed  past the
initial  stages,  the  Company  is  unable  to  evaluate  the  likelihood  of an
unfavorable  outcome or estimate the amount, if any, of any potential losses. No
provision has been made in the financial statements related to this claim.

NOTE 11 - RECAPITALIZATION

         On March 27, 2002,  the Company  consummated a transaction  in which it
acquired  substantially  all of the  assets of  Northeast  Mortgage,  LLC.  (the
"Acquisition").

         The  Company  had  1,000,000  shares of $.001 par  value  common  stock
outstanding prior to the acquisition. As a result of the acquisition, the former
members of Northeast Mortgage, LLC were issued 3,000,000 shares of the Company's
common stock and 4,600,000  shares of the Company's  Series A Preferred  Stock..
Following the acquisition,  the Company had 4,000,000 shares of common stock and
4,600,000 shares of Series A Preferred Stock issued and outstanding.

         The  former  principal  member  of  Northeast  Mortgage,  LLC  and  the
Company's current President, Brian P. Rogerson, became the principal stockholder
of the Company.  Mr. Rogerson now owns 1,650,000  shares of the common stock, or
approximately  41.25% of the  issued  and  outstanding  common  stock.  The only
significant  stockholder  of the  Company  other  than  the  former  members  of
Northeast  Mortgage,  LLC is Daniel L. Hodges,  who owns  800,000  shares of the
Company's  common  stock.  At the time of the  acquisition,  the  Company had no
assets or liabilities.

         Since the former members of Northeast Mortgage,  LLC control 88% of the
Company  after  the  acquisition,   the  transaction  has  been  recorded  as  a
recapitalization of Northeast Mortgage, LLC.



<PAGE>


                         NORTHEAST MORTGAGE CORPORATION
                          NOTES TO FINANCIAL STATEMENTS
               FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
                                   (Continued)

NOTE 12 - PREFERRED STOCK

         On  January  8,  2001,  the  Company  authorized  10,000,000  shares of
Preferred Stock,  designated as Series A and Series B Preferred Stock.  Series A
and Series B Preferred  Stock consist of 5,000,000  shares,  with a par value of
$.001  per  share.  On  January  18,  2002 the  Board of  Directors  approved  a
resolution that  designates the 5,000,000  shares of Series A shares as Series A
Convertible  Preferred  Stock,  with a par value of $.001 per share.  The Stated
Value of each  Series A  Preferred  Share is $.10.  The holders of shares of the
Series A Preferred Stock shall be entitled to receive  dividends when, if and as
declared by the Board of Directors. Each share of Series A Preferred Stock shall
be  convertible,  at the option of the holder,  into one share of the  Company's
common stock.

NOTE 13 - ACQUISITION

         On March 27, 2002 the Company  acquired  all of the assets of Northeast
Mortgage,  LLC  (NEM).  As a  result  of the  Acquisition,  the  Company  issued
3,000,000  shares of common  stock and  4,600,000  shares of Series A  Preferred
Stock to the  former  members of NEM and the  Acquisition  the  business  of NEM
became the Company's business.  On February 25, 2002, the Company filed Articles
of Amendment to amend and restate the  Articles of  Incorporation  to change the
name  from  Knight  Investment  Ltd.  to  Northeast   Mortgage   Corporation  in
anticipation of the Acquisition.

         The Company is engaged primarily in the mortgage banking business,  and
as such originate and sell mortgage  loans.  The mortgage loans are  principally
prime  credit  quality  first-lien   mortgage  loans  secured  by  single-family
residences   although  the  Company  also  offers  home  equity  loans  both  in
conjunction  with newly produced  prime credit quality first  mortgages and as a
separate  product.  In addition,  the Company  offers  sub-prime  credit quality
first-lien single-family mortgage loans.

         Before the  acquisition  of NEM,  the Company was an inactive  publicly
registered shell corporation and had no significant assets or operations.


Item 2.  Management's Discussion and Analysis or Plan of Operation

General  - This  discussion  should  be read in  conjunction  with  Management's
Discussion and Analysis of Financial  Condition and Results of Operations in the
Company's annual report on Form 10-KSB for the year ended December 31, 2002.

         The following  statement is made pursuant to the safe harbor  provision
for forward-looking  statements  described in the Private Securities  Litigation
Reform Act of 1995.  Northeast Mortgage  Corporation may make certain statements
in this Prospectus,  including,  without limitation  statements that contain the
words "believes,"  "anticipates,"  "estimates,"  "expects," and words of similar
import, constitute "forward-looking  statements." Forward-looking statements may
relate to our future growth and  profitability;  the  anticipated  trends in our
industry; and our competitive strengths and


<PAGE>



business  strategies;  Further,  forward-looking  statements  are  based  on our
current  expectations  and are subject to a number of risks,  uncertainties  and
assumptions  relating  to our  operations,  financial  condition  and results of
operations. For a discussion of factors that may affect the outcome projected in
such  statements,  see "Risk Factors and Investment  Considerations."  If any of
these  risks  or  uncertainties  materialize,   or  if  any  of  the  underlying
assumptions prove incorrect, actual results could differ materially from results
expressed  or  implied  in  any  of our  forward-looking  statements.  We do not
undertake any obligation to revise these  forward-looking  statements to reflect
events or circumstances arising after the date of this 10QSB.

Acquisition

         On March 27, 2002 we acquired all of the assets of Northeast  Mortgage,
LLC (NEM). As a result of the  Acquisition,  we issued  3,000,000  shares of our
common stock and 4,600,000  shares of our Series A Preferred Stock to the former
members of NEM and the Acquisition  the business of NEM became our business.  On
February  25,  2002,  we filed  Articles of  Amendment  to amend and restate our
Articles  of  Incorporation  to change our name from Knight  Investment  Ltd. to
Northeast Mortgage Corporation in anticipation of the Acquisition.

         We are engaged primarily in the mortgage banking business,  and as such
originate and sell mortgage  loans.  Our mortgage  loans are  principally  prime
credit quality  first-lien  mortgage loans secured by  single-family  residences
although we also offer home equity loans both in conjunction with newly produced
prime credit quality first mortgages and as a separate product. In addition,  we
offer sub-prime credit quality first-lien single-family mortgage loans.

         Before our acquisition of NEM we were an inactive  publicly  registered
shell corporation and had no significant assets or operations.

PLAN OF OPERATION

         During the three  months ended March 31,  2003,  Northeast  focused its
resources in further  establishing a presence in the financial services industry
as a regional mortgage banker.  Its primary goals were to increase the number of
loans originated while controlling and then reducing salaries and other expenses
required to facilitate  the closing of the mortgage  transaction.  In January of
2000  Northeast  established  its own  telemarketing  department to increase the
number of leads available to its sales staff while also  decreasing  advertising
related expenses.  A new Mesa, Arizona office was established in the second half
of 1999. That office has established  itself locally in 2000 and has generated a
profit  for  2002.  In  addition  to  taking  the  necessary  steps to  increase
production we eliminated  and  consolidated a number of salary  positions  while
also  restructuring  the  compensation  plans of all salespeople in an effort to
improve earnings.

First Quarter 2003 as Compared to First  Quarter 2002 Results of Operations  and
Analysis of Financial Condition

         Revenues  increased  63.9% from  $2,269,679  for the three months ended
March 31, 2002 to  $3,719,867  for the three months  ended March 31, 2003.  This
increase in revenues was due to an increase in the loans  originated  and funded
loans  amounts.   General  and  administrative  expenses  increased  50.4%  from
$1,767,453 for the three months ended March 31, 2002 to $2,658,405 for the


<PAGE>



three  months  ended March 31,  2003.  This  increase in expenses was due to the
increase in activity. Sales and marketing expenses increased 83.3% from $181,132
for the three months ended March 31, 2002 to $331,929 for the three months ended
March 31,  2003.  Net income was  $387,805  for the three months ended March 31,
2003  compared to net income of $139,937  for the three  months  ended March 31,
2002 - an increase in net income of 177.1%.  The  increase in net income was due
to the  increase  in  activity.  We expect our  advertising  expenses  to remain
constant  since the majority of our ongoing  expense  related to  advertising is
budgeted through our internal  telemarketing  department.  We do not foresee any
material increases in costs in the near future.

         We originated  776 loans in the first quarter of 2003, a 69.1% increase
over the comparable  period in 2002 when we originated 459 loans.  These numbers
represent  total loans funded amounts of  $128,219,245  in the second quarter of
2003 and $62,915,023 in the second quarter of 2002.

Seasonality

         The mortgage banking industry is generally  subject to seasonal trends.
We are subject to this  seasonality.  Production  tends to  decrease  during the
summer and increase during the fall, winter, and spring.

Market Risk

         Interest rates are the primary market risk Northeast faces.  Increasing
interest  rates  tend to  decrease  the  number of loans  originated.  Northeast
compensates  for interest rate  increases by offering  variable rate  mortgages,
sub-prime  loans,  and equity  loans,  which tend to gain in  popularity  during
periods of increased interest rates. In periods of decreasing  interest increase
the number of loans originated during the decreasing rate trend.  Investors whom
Northeast sells its loans compete for its business therefore decreasing interest
rate environment has only a positive effect on its results of operations  effect
only.

Liquidity And Capital Resources

         We expect that we will be able to satisfy our cash requirements for the
next twelve months from its existing cash flow.

Employees

         We do not expect any material change in the number of employees.

                                            PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

         The Company is involved in various legal actions  arising in the normal
course of business. The Company is a party in the following pending matters:

         In  Luciano  et al v.  Northeast  Mortgage,  LLC,  the  plaintiffs  are
claiming  damages as a result of an alleged  breach of a  commitment  to lend as
well as other tort related claims. The Company


<PAGE>



intends to  vigorously  defend this action and has joined  co-defendant  IndyMac
Mortgage  Holdings,  Inc. in retaining  legal counsel to represent its interest.
The ultimate  resolution  of this matter is not  ascertainable  at this time. No
provision has been made in the financial statements related to this claim.

ITEM 2.  CHANGES IN SECURITIES

None.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

None/Not Applicable.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS

None/Not Applicable.

ITEM 5.  OTHER INFORMATION

None.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a) EXHIBITS

         The  following  documents  are filed  herewith or have been included as
exhibits to previous filings with the Commission and are incorporated  herein by
this reference:

         Exhibit No.       Exhibit

         3.1      Articles of Incorporation(1)
         3.2      Amended Articles of Incorporation(1)
         3.3      Bylaws(1)
         3.4      Amended Articles of Incorporation(2)
         31.1     Certification  Pursuant to Section  302 of the  Sarbanes-Oxley
                  Act of 2002.
         31.2     Certification  Pursuant to Section  302 of the  Sarbanes-Oxley
                  Act of 2002.
         32.1     Certification  Pursuant to Section  906 of the  Sarbanes-Oxley
                  Act of 2002.
         32.2     Certification  Pursuant to Section  906 of the  Sarbanes-Oxley
                  Act of 2002.

(b)      No reports  were filed on Form 8-K during the three  months ended March
         31, 2003.

(1)      Incorporated  herein  by  reference  from  Registrant's  Form  10SB12G,
         Registration Statement, dated February 16, 2000.

(2)      Incorporated  herein by reference  from  Registrant's  Form 8-K,  dated
         April 11, 2002



<PAGE>



                                   SIGNATURES

         In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized, this 18th day of September, 2003.

Northeast Mortgage Corporation



/s/ Brian Rogerson
Brian Rogerson
President
(Principal Executive Officer)


/s/    Sean Rogerson
Sean Rogerson
Vice-President
(Principal Financial Officer)


September 18, 2003