Consent of Independent Auditors



The Board of Directors
Dynex Securities Corporation


We consent to  incorporation  by reference in the  registration  statement  (No.
33-84846) on Form S-3 of Dynex Securities  Corporation of our report dated March
26, 1997,  relating to the balance sheets of Dynex Securities  Corporation as of
December 31, 1996 and 1995,  which report  appears in the December 31, 1996 Form
10-K of Dynex Securities Corporation.


                                                    KPMG PEAT MARWICK LLP



Richmond, Virginia
March 31, 1997