Transnational Financial Network Inc. said Monday that it has an agreement to buy a "nationally recognized" mortgage company for an undisclosed amount of cash and stock.

Transnational did not identify the mortgage company by name, but said it is a private company that last year reported making more than $1 billion of conventional loans - loans that conform to the requirements of the major secondary market loan buyers.

Transnational, which was founded in 1985 as a mortgage brokerage and in 1995 added a mortgage banking division, said the deal would let it open new wholesale offices and further its plans to tap the Internet.

Transnational made $300 million of conventional loans in the most recent quarter.

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