Exhibit 31.1


                                  CERTIFICATION
                          PURSUANT TO 17 CFR 240.13a-14
                                PROMULGATED UNDER
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Stephen J. Benedetti, certify that:

     1.    I have reviewed  this report on Form 10-Q of Dynex  Securities
           Corporation;

     2.    Based on my knowledge, this report does not contain any untrue
           statement of a material  fact or omit to state a material fact
           necessary  to  make  the  statements  made,  in  light  of the
           circumstances  under  which such  statements  were  made,  not
           misleading with respect to the period covered by this report;

     3.    Based on my  knowledge,  the financial  statements,  and other
           financial  information included in this report, fairly present
           in all material respects the financial  condition,  results of
           operations  and cash flows of the  registrant  as of, and for,
           the periods presented in this report;

     4.    I am responsible for establishing  and maintaining  disclosure
           controls  and  procedures  (as defined in  Exchange  Act Rules
           13a-15(e) and 15d-15(e)) for the registrant and have:

           (a)  designed such disclosure  controls and  procedures,  or caused
           such  disclosure  controls and procedures to be designed under
           my supervision,  to ensure that material  information relating
           to the registrant, including its consolidated subsidiaries, is
           made known to me by others within those entities, particularly
           during  the  period in which  this  quarterly  report is being
           prepared;

           (b)  evaluated the  effectiveness  of the  registrant's  disclosure
           controls  and  procedures  and  presented  in this  report  my
           conclusions about the effectiveness of the disclosure controls
           and  procedures  as of the end of the  period  covered by this
           report based on such evaluation; and

           (c)  disclosed  in  this   quarterly   report  any  change  in  the
                registrant's  internal  control over financial  reporting that
                occurred  during the  registrant's  most recent fiscal quarter
                (the  registrant's  fourth  fiscal  quarter  in the case of an
                annual report) that has materially affected,  or is reasonably
                likely to materially affect, the registrant's internal control
                of financial reporting; and ,

     5.    I have  disclosed,  based  on my  most  recent  evaluation  of
           internal control over financial reporting, to the registrant's
           auditors  and the audit  committee  of  registrant's  board of
           directors (or persons performing the equivalent function):

           (a)  all significant  deficiencies  and material  weaknesses in the
                design  or  operation  of  internal   control  over  financial
                reporting which are reasonably  likely to adversely affect the
                registrant's ability to record, process,  summarize and report
                financial data; and

           (b)  any fraud,  whether or not material,  that involves management
                or  other  employees  who  have  a  significant  role  in  the
                registrant's internal control over financial reporting.



Dated: November 15, 2004                   By:     /s/ Stephen J. Benedetti
                                                --------------------------------
                                               Stephen J. Benedetti
                                               Principal Executive Officer and
                                                 Chief Financial Officer