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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D. C. 20549

                                   FORM 10-K/A
                                (Amendment No. 1)
(Mark One)
     |X|  ANNUAL REPORT  PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934
                  For the fiscal year ended December 31, 2003
                                                                  OR
     |_|  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934

                          DYNEX SECURITIES CORPORATION

             (Exact name of registrant as specified in its charter)

                                     0-20552
                            (Commission File Number)

<TABLE>
                                <S>                                                 <C>
                           Virginia                                              52-1785164
                (State or other jurisdiction of                               (I.R.S. Employer
                incorporation or organization)                               Identification No.)

        4551 Cox Road, Suite 300, Glen Allen, Virginia                           23060-6740
           (Address of principal executive offices)                              (Zip Code)
</TABLE>

                                 (804) 217-5800
              (Registrant's telephone number, including area code)

        Securities registered pursuant to Section 12(b) of the Act: NONE

        Securities registered pursuant to Section 12(g) of the Act: NONE

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.
Yes [ ]   No [X]

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]

Aggregate  market  value of  voting  stock  held by  non-affiliates  of the
registrant as of June 30, 2003: NONE

As of February 28, 2004, there were 1,000 shares of Dynex Securities Corporation
common stock outstanding.

The registrant meets the conditions set forth in General Instruction I(1)(a) and
(b) of Form  10-K  and,  therefore,  is  furnishing  the  abbreviated  narrative
disclosure specified in Paragraph (2) of General Instruction I.

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                          DYNEX SECURITIES CORPORATION
                         2003 FORM 10-K/A ANNUAL REPORT

The EDGAR  version of the Form 10-K,  as filed on April 15, 2004,  inadvertently
omitted  Exhibit 23.1, the consent of Deloitte & Touche LLP. This Form 10-K/A is
being submitted to include Exhibit 23.1, as updated for the amended filing.


                                     PART IV


Item 15. Exhibits, Financial Statement Schedules and Reports on Form 8-K

         (a) Financial Statements - see Item 8

             Exhibits

             Number      Exhibit

             3.1        Articles of Incorporation of the Registrant
                        (Attached   as  an  exhibit  to  Registrant's
                        Registration  Statement  No. 33-49520 on Form
                        S-11 filed July 10, 1992, incorporated herein
                        by reference).

             3.2        By-Laws  of  the   Registrant (Attached as an
                        exhibit  to  Registrant's Registration State-
                        ment No. 33-49520 on Form S-11 filed July 10,
                        1992,  incorporated  herein by reference).

             4.1        Form of Trust  Agreement  dated  July 1, 1992,
                        (Attached   as  an  exhibit  to   Registrant's
                        Registration  Statement  No.  33-49520 on Form
                        S-11 filed July 10, 1992,  incorporated herein
                        by reference).

             4.2        Standard Terms to Trust  Agreement  dated July
                        1,   1992   (Attached   as   an   exhibit   to
                        Registrant's    Registration   Statement   No.
                        33-49520  on Form S-11  filed  July 10,  1992,
                        incorporated herein by reference).

             4.3        Copy of Series 1992-1 Trust Agreement dated as
                        of August 1, 1992,  among  Registrant,  Ryland
                        Mortgage  Company,  as  Master  Servicer,  and
                        Texas Commerce Bank National  Association,  as
                        Trustee   (Attached   as  an  exhibit  to  the
                        Registrant's Current Report on Form 8-K, filed
                        September  4,  1992,  incorporated  herein  by
                        reference).

             4.4        Copy of Series 1992-2 Trust Agreement dated as
                        of September 1, 1992, among Registrant, Ryland
                        Mortgage  Company,  as  Master  Servicer,  and
                        Texas Commerce Bank National  Association,  as
                        Trustee  (Attached  as an  exhibit to t to the
                        Registrant's Current Report on Form 8-K, filed
                        October  14,  1992,   incorporated  herein  by
                        reference).

             4.5        Copy of Series 1992-3 Trust Agreement dated as
                        of October 1, 1992, among  Registrant,  Ryland
                        Mortgage  Company,  as  Master  Servicer,  and
                        Texas Commerce Bank National  Association,  as
                        Trustee   (Attached   as  an  exhibit  to  the
                        Registrant's Current Report on Form 8-K, filed
                        November  6,  1992,   incorporated  herein  by
                        reference).

             4.6        Copy of Series 1992-4 Trust Agreement dated as
                        of November 1, 1992, among Registrant,  Ryland
                        Mortgage  Company,  as  Master  Servicer,  and
                        Texas Commerce Bank National  Association,  as
                        Trustee   (Attached   as  an  exhibit  to  the
                        Registrant's Current Report on Form 8-K, filed
                        December  7,  1992,   incorporated  herein  by
                        reference).

             4.7        Copy of Series 1992-6 Trust Agreement dated as
                        of December 1, 1992, among Registrant,  Ryland
                        Mortgage  Company,  as  Master  Servicer,  and
                        Texas Commerce Bank National  Association,  as
                        Trustee   (Attached   as  an  exhibit  to  the
                        Registrant's Current Report on Form 8-K, filed
                        January  7,  1993,   incorporated   herein  by
                        reference).
             4.8        Copy  of the  Series  1993-8  Trust  Agreement
                        dated as of August 1, 1993, among  Registrant,
                        Ryland Mortgage  Company,  as Master Servicer,
                        and Texas Commerce Bank National  Association,
                        as  Trustee  (Attached  as an  exhibit  to the
                        Registrant's Current Report on Form 8-K, filed
                        September  3,  1993,  incorporated  herein  by
                        reference).

             4.9        Standard  Terms  to  Trust  Agreement,   dated
                        August 1, 1993  (Attached as an exhibit to the
                        Registrant's Current Report on Form 8-K, filed
                        September  3,  1993,  incorporated  herein  by
                        reference).

             4.10       Copy of the  Series  1993-10  Trust  Agreement
                        dated  as  of  October  1,  1993,   among  the
                        Registrant, Ryland Mortgage Company, as Master
                        Servicer,  and Texas  Commerce  Bank  National
                        Association,   as  Trustee   (Attached  as  an
                        exhibit to the Registrant's  Current Report on
                        Form 8-K, filed November 1, 1993, incorporated
                        herein by reference).

             4.11       Copy  of the  Series  1994-2  Trust  agreement
                        dated  as  of  January  1,  1994,   among  the
                        Registrant, Ryland Mortgage Company, as Master
                        Servicer,  and Texas  Commerce  Bank  National
                        Association,   as  Trustee   (Attached  as  an
                        exhibit to the Registrant's  Current Report on
                        form   8-K,    filed    February   10,   1994,
                        incorporated herein by reference).

             4.12       Copy  of the  Series  1994-4  Trust  Agreement
                        dated  as  of  March  1,   1994,   among   the
                        Registrant, Ryland Mortgage Company, as Master
                        Servicer,  and Texas  Commerce  Bank  National
                        Association,  as Attached as an exhibit to the
                        Registrant's Current Report on Form 8-K, filed
                        April  13,   1994,   incorporated   herein  by
                        reference).

             4.13       Copy of the Series  1994-2 First  Amendment to
                        Trust  Agreement  dated as of March 15,  1994,
                        among the Registrant, Ryland Mortgage Company,
                        as Master  Servicer,  and Texas  Commerce Bank
                        National Association,  as Trustee (Attached as
                        an exhibit to the Registrant's  Current Report
                        on Form 8-K,  filed May 5, 1994,  incorporated
                        herein by reference).

             4.14       Copy of the Series  1994-4 First  Amendment to
                        Trust  Agreement  dated as of April 15,  1994,
                        among the Registrant, Ryland Mortgage Company,
                        as Master  Servicer,  and Texas  Commerce Bank
                        National Association,  as Trustee (Attached as
                        an exhibit to the Registrant's  Current Report
                        on Form 8-K, filed May 18, 1994,  incorporated
                        herein by reference).

             4.15       Copy of the  Series  1994-9  Trust  Agreement,
                        dated as of June 1,  1994,  by and  among  the
                        Registrant, Ryland Mortgage Company, as Master
                        Servicer,  and Texas  Commerce  Bank  National
                        Association,   as  Trustee   (Attached  as  an
                        exhibit to the Registrant's  Current Report on
                        Form 8-K,  filed July 12,  1994,  incorporated
                        herein by reference).
             4.16       Standard Terms to Trust Agreement (August 1994
                        Edition)   (Attached  as  an  exhibit  to  the
                        Registrant's Current Report on Form 8-K, filed
                        September  13,  1994,  incorporated  herein by
                        reference).

             4.17       Copy of the Series 1994-2 Second  Amendment to
                        Trust  Agreement  dated  as of  September  27,
                        1994,  among the  Registrant,  Ryland Mortgage
                        Company,   as  Master   Servicer,   and  Texas
                        Commerce Bank National Association, as Trustee
                        (Attached  as an exhibit  to the  Registrant's
                        Current  Report on Form 8-K,  filed October 5,
                        1994, incorporated herein by reference).

             4.18       Copy of the Series 1993-10 First  Amendment to
                        Trust Agreement,  dated as of October 7, 1994,
                        by and among the  Registrant,  Ryland Mortgage
                        Company,   as  Master   Servicer,   and  Texas
                        Commerce Bank National Association, as Trustee
                        (Attached  as an exhibit  to the  Registrant's
                        Current  Report on Form 8-K, filed October 13,
                        1994, incorporated herein by reference).

             4.19       Standard  Terms  to  Trust   Agreement   (Pool
                        Insurance) (October 1994 Edition) (Attached as
                        an exhibit to the Registrant's  Current Report
                        on  Form  8-K,   filed   November   10,  1994,
                        incorporated herein by reference).

             4.20       Copy of the Series  1993-8 First  Amendment to
                        Trust Agreement, dated as of November 1, 1994,
                        by and among the  Registrant,  Ryland Mortgage
                        Company,   as  Master   Servicer,   and  Texas
                        Commerce Bank National Association, as Trustee
                        (Attached  as an exhibit  to the  Registrant's
                        Current Report on Form 8-K, filed December 15,
                        1994, incorporated herein by reference).

             4.21       Copy of the Series 1994-4 Second  Amendment to
                        Trust Agreement, dated as of November 1, 1994,
                        by and among the  Registrant,  Ryland Mortgage
                        Company,   as  Master   Servicer,   and  Texas
                        Commerce Bank National Association, as Trustee
                        (Attached  as an exhibit  to the  Registrant's
                        Current Report on Form 8-K, filed December 15,
                        1994, incorporated herein by reference).

             4.22       Copy of the September 1995 Edition of Standard
                        Terms  to  Trust   Agreement  (with  Servicing
                        Agreement   for   Credit    Sensitive   Loans)
                        (Attached  as an exhibit  to the  Registrant's
                        Current  Report on Form 8-K, filed October 12,
                        1995, incorporated herein by reference).

             4.23       Copy of the  Series  1995-2  Trust  Agreement,
                        dated as of  September  1, 1995,  by and among
                        the  Registrant,  Resource  Mortgage  Capital,
                        Inc., as Master  Servicer,  and Texas Commerce
                        Bank   National   Association,    as   Trustee
                        (Attached  as an exhibit  to the  Registrant's
                        Current  Report on Form 8-K, filed October 12,
                        1995, incorporated herein by reference).

             10.1       Standard  Provisions  to  Servicing  Agreement
                        (December   1992  Edition)   (Attached  as  an
                        exhibit to Registrant's Registration Statement
                        No.  33-57204  on Form S-11 filed  January 21,
                        1993, incorporated herein by reference).

             10.2       Copy of the Meritech Servicing Agreement dated
                        September  1, 1995  (Attached as an exhibit to
                        the  Registrant's  Current Report on Form 8-K,
                        filed October 12, 1995, incorporated herein by
                        reference).

             10.3       Copy  of  the   Standard   Terms  to  Meritech
                        Servicing   Agreement   for   Saxon   Mortgage
                        Securities Corporation, September 1995 Edition
                        (Attached  as an exhibit  to the  Registrant's
                        Current  Report on Form 8-K, filed October 12,
                        1995, incorporated herein by reference).

             23.1       Consent of DELOITTE & TOUCHE LLP

             31.1       Certification of Principal  Executive  Officer
                        and Principal  Financial  Officer  pursuant to
                        Section 302 of the Sarbanes-Oxley Act of 2002.

             32.1       Certification of Principal  Executive  Officer
                        and  Chief  Financial   Officer   pursuant  to
                        Section 906 of the Sarbanes-Oxley Act of 2002.

             99.1       Copy of the Support Fund  Agreement,  dated as
                        of June 29, 1994 between  Texas  Commerce Bank
                        National  Association,  as Trustee,  and Texas
                        Commerce   Bank   National   Association,   as
                        Custodian  (Attached  as  an  exhibit  to  the
                        Registrant's Current Report on Form 8-K, filed
                        July  11,   1994,   incorporated   herein   by
                        reference).

             99.2       Copy of the Support Fund  Agreement,  dated as
                        of October  27,  1994 by and between SHF Corp.
                        and Texas Commerce Bank National  Association,
                        as  Support  Fund  Trustee   (Attached  as  an
                        exhibit to the Registrant's  Current Report on
                        Form   8-K,    filed    November   10,   1994,
                        incorporated herein by reference).

             99.3       Copy of Financial  Guaranty  Insurance  Policy
                        No.  50306-N  issued  by  Financial   Security
                        Assurance  Inc.,  dated  June 28,  1994,  with
                        respect  to  the  Series   1994-9   Securities
                        (Attached  as an exhibit  to the  Registrant's
                        Current  Report on Form 10-K,  filed March 21,
                        1995, incorporated herein by reference).

             99.4       Copy of Financial  Security  Insurance  Policy
                        No.  50398A-N  issued  by  Financial  Security
                        Assurance  Inc.,  together with  Endorsements,
                        relating  to  the  Series  1995-2  Class  1A-2
                        Securities  (Attached  as an  exhibit  to  the
                        Registrant's Current Report on Form 8-K, filed
                        October  12,  1995,   incorporated  herein  by
                        reference).

             99.5       Copy of Financial  Security  Insurance  Policy
                        No.  50398A-N  issued  by  Financial  Security
                        Assurance  Inc.,  together with  Endorsements,
                        relating  to  the  Series  1995-2  Class  1A-3
                        Securities  (Attached  as an  exhibit  to  the
                        Registrant's Current Report on Form 8-K, filed
                        October  12,  1995,   incorporated  herein  by
                        reference).

             99.6       Copy of the  Saxon  Mortgage,  Inc.  Servicing
                        Guide for  Credit  Sensitive  Loans,  February
                        1995  Edition  (Attached  as an exhibit to the
                        Registrant's Current Report on Form 8-K, filed
                        October  12,  1995,   incorporated  herein  by
                        reference).
<PAGE>

                                    SIGNATURE

Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  Registrant  has duly  caused  this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

                                         DYNEX SECURITIES CORPORATION
                                         (Registrant)


May 25, 2004                             By:   /s/ Stephen J. Benedetti
                                               ---------------------------------
                                               Stephen J. Benedetti
                                               President, Treasurer
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                                  EXHIBIT INDEX

<TABLE>
                                                                                                   Sequentially
Exhibit                                                                                            Numbered Page


 <C>                <C>                                                                                  <C>
23.1     Consent of DELOITTE & TOUCHE LLP                                                               I-1

31.1     Certification of Principal Executive Officer and Principal Financial Officer
         pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                     I-2

32.1     Certification of Principal Executive Officer and Chief Financial Officer pursuant
         to Section 906 of the Sarbanes-Oxley Act of 2002.                                              I-3
</TABLE>