Evening star., 1934-07-15
BUSY YEAR ENDED
f.. BY \. OIL. c. OFFICE
Applications Pour In at
HyattSviIIe at Rate Of
go a Week.
BY GEORGE PORTER.
Stan Correspondent Of The star

HYATTSvILLE. Md. July IA
Applications for financial assistance
from the Home Owne-5 Loan Corpo-
ration continued TO pour into the
Hyattsville district Office as that
branch reached the first anniversary
Of its existence this week.
Although the Office has been clos
ing about 35 loans a week, applica-
tions have averaged so a week accord
ing to Manager Thomas L. Peyton.
Evidence that there Is plenty of
work ahead of the local branch is
indicated by the fact that It has 2.sg6
applications OH file for loans ON prop
critics valued at sl0,665,2lS.
769 Cases Closed.
To date loans have been closed In
769 cases, the properties involved be-
ing appraised at S2,688. .s88 This Is
approximately the same number of
loans that, have been closed by the
District OF Columbia branch, more
than have been closed in many States
and more than any other Maryland
district office except that at Towson.
Cooperation of local financial in
stitutions and individuals in consent
ing to accept bonds of the corpora
tion. and willingness on the part OF
his staff TO work day and night has
enabled the Hyattsville district office
TO match the record of Washington
and other larger agencies, according
to Peyton. Altogether 2,065 mort
gageeS' consents have been fled in
his office.
Although the output OF the local
office compares favorably with others
in this vicinity, Manager Peyton
celebrated" his first birthday" with
the H. o. L. C. by planning materially
to increase production through the
establishment of organizations for the
closing Of loans in each Of the seven
counties in his district.
This is necessary, he believes, be-
cause the number of applications re-
ceived per week still exceeds the num-
ber Of cases closed.
Reconditloning Department Busy.
Another phase of the work that is
just getting under way as the office
reaches its first milestone is It's re-
conditioning department. the man.
ager said. Applications for loans for
this purpose are steadily mounting,
he reports.
A large percentage of the applica-
tions are rejected, however, on the
ground that the applicants are in
ola 4ufb b1a atva1ar a.,.a,.Ia1
act.
Manager Peyton. nevertheless, ex-
poets this department to be of great
assistance TO the district ONCE, not
only in handling maintenance and
repairs but in making actual improve
ments on properties involved in the
corporations loans and on properties
that are eligible for reconditioning
loans.
Force Grows 10 IS.
In the year that the district Office
has been in existence here, 1t out
grew its first quarters in the County
Building and was moved to the Tele-
phone Building. Its personnel was
increased from to l8.
The need to organize and train this
Office force and the fact that the
Federal funds which 1t handles must
be loaned conservatively have been
factors which tended to keep down
production" Manager Peyton noted.
Evidence that residents of Wash
ington's Maryland suburbs have not
suffered so much from the depres-
sion as those who live In the vicinity
Of neighboring cities is seen In the
fact that the majority of applications
for loans have come from the metro
politan areas of Baltimore and
Annapolis. Applications have been
received, however, from nearly every
section Of the ALSO square miles
within the districts territory.
Manager Peyton estimates that the
22l, $50 people in the district reside in
about $1,000 dwellings.
He has found that a large percent
age of the appraisals made on appn-
cations filed at his Office are less than
the total indebtedness on the prop
critics involved. The average loan
made by his Office is for $3.5l0. Only
IL of the 769 loans closed here have
been for cash, the other 758 carry
ing bonds of the corporation.