Michael Bergdoll of Wilbraham, Massachusetts, was sentenced in federal court yesterday for conspiracy to launder money and wire fraud as part of his participation in a land-flipping and mortgage fraud scheme.

REOTrans, LLC, has opened a new facility in Dallas, Texas, to accommodate its growth and multistate redundancy. Having a centrally located facility will provide our users with faster speeds and support the phenomenal growth we are experiencing, said Chris Saitta, president of REOTrans.

Transnational Financial Network announced yesterday that it has signed a letter of intent to purchase AMC Mortagage. The sale price could scale up to 1 million shares of TFN common stock when the deal is finalized.

According to Bankrate’s weekly national survey, mortgage rates have once again increased, making it the sixth hike in the last seven weeks. The average 30-year fixed-rate mortgage climbed to 6.26 percent.

The Mortgage Bankers Association (MBA) announced yesterday its advocacy plans for 2007 during its State of the Real Estate Finance Industry press briefing. Top officials from the trade group covered key policy issues that the real estate industry will face this year.

Metrocities Mortgage, LLC, and RE/MAX Gold announced the formation of a joint venture, Metro Gold Financial Mortgage, that will offer mortgage lending services at RE/MAX Gold’s 25 Northern California offices.

The U.S. Federal Reserve Board has named Joseph Falks, former president and current legislative chair of the National Association of Mortgage Brokers (NAMB), as a member of its Consumer Advisory Council.

The National League of Cities (NLC) will target critical housing among its top issues to present before the 110th Congress. NLC plans to focus federal attention on predatory lending, foreclosure prevention, and revamping the nation’s mortgage finance system, among other issues.

First American Title Insurance Company announced yesterday that it has completed the development of a new program that delivers insured title commitments in less than a minute. The new program, TitleSmart™, gives lenders an advantage in pursuing refinance loan business.

RealtyTrac released today its December U.S. Foreclosure Market Report for 2006 showing that 109,652 properties across the nation entered some stage of foreclosure, nearly a nine percent decrease from November, but still a 35 percent hike when compared to December 2005.