Exhibit 23.1




INDEPENDENT AUDITORS' CONSENT



The Board of Directors
Dynex Securities Corporation


     We consent to the incorporation by reference in the registration  statement
No  33-84846 of Dynex  Securities  Corporation  on Form S-3 of our report  dated
March 30, 2000, appearing in this Annual Report on Form 10-K of Dynex Securities
Corporation for the year ended December 31, 1999.


DELOITTE & TOUCHE LLP




Richmond, Virginia
March 30, 2000