MortgageBrokers.com Holdings, Inc. one of North America’s fastest growing new mortgage broker brands and mortgage consolidation companies, announced record financial results for the third quarter of 2008. The Company recorded gross revenues of $5,420,443 for the 3rd quarter of 2008 which is an increase of 60% over 3rd quarter 2007 revenue. The third quarter performance also represents a sequential quarterly increase of 25% over the second quarter 2008 ($5.4 million vs. $4.0 million).

While the Company reported a net loss of $562,510, approximately 92% of the loss was associated with non-cash, stock-based compensation charges, without which would have resulted in a near break-even 3rd quarter.

“We are extremely pleased with our continued growth and the recognition afforded by Profit Magazine in their October issue as Canada’s fastest growing emerging growth company.” said Alex Haditaghi, CEO of Mortgagebrokers.com, “This demonstrates that our consolidation business model has traction under current economic conditions.”

For the nine months ended September 30th, Mortagebrokers.com showed an increase in gross revenue of over 40%, $11,845,060 in 2008 vs. $7,015,870 in 2007. During the comparative nine months, Mortagebrokers.com was also able to reduce their loss from operations significantly from a loss of $(1,708,183) to a loss of $(165,114).

The Company’s number of registered licensed mortgage broker agents increased 35% over the same period in 2007. Additionally, the Company’s number of retail branch offices operated by its mortgage broker agency network increased by 18% over that of the Company’s second quarter of 2008 and 83% over that of the Company’s third quarter of 2007.

About MortgageBrokers.com
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MortageBrokers.com, recently voted Canada’s # 1 Emerging Growth Company in PROFIT Magazine’s “9th Annual Hot 50 List of Canada’s Emerging Growth Companies” is dedicated to re-branding over 40,000 small and medium mortgage brokerage (SME) firms in North America while providing these entities scalability through a centralized shared services platform. MortgageBrokers.com is designed to facilitate continued ownership for these SME brokers while they work under the umbrella of one globally recognized brand. The Company provides centralized services in the areas of payroll and accounting, compliance, marketing, technology, HR and lead generation to afford its brokers improved access to potential customers through strategic alliances and partnerships. MortgageBrokers.com also provides its national team the opportunity to leverage origination with lending institutions, establish higher referral fees from lenders, and give its team members the ability to earn ownership in a publicly-traded entity with the goal of an eventual career exit strategy.

This entry was posted by badrul on Thursday, November 20th, 2008 at 12:45 am and is filed under Real Estate. Tags: Alex Haditaghi Alliance America Business Canada Design Earnings Announcement Emerging Growth Companies Emerging Growth Company Ford Lending medium mortgage brokerage MitsubishiUFJ US Newly Emerging Growth Company EQ A mortgage broker agency network mortgage brokerage North America Operation operations Partner Partnership Profit Magazine retail retail branch offices services Technology . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.