UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-K
(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, 1996
[ ] Transition Report Pursuant to Section 13 or 15 (d) of the Securities
Exchange Act of 1934
Commission File No. 0-20552
DYNEX SECURITIES CORPORATION
(Formerly SMFC Mortgage Securities Corporation)
(Exact name of registrant as specified in its charter)
Virginia 52-1739975
(State or other jurisdiction (IRS Employer Identification No.)
of incorporation or organization)
10900 Nuckols Road,3rd Floor, Glen Allen, Virginia 23060
(Address or principal executive offices) (Zip Code)
Registrant's telephone number, including area code (804) 217-5800
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 XX No___
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 nonaffiliates of the
registrant as of the latest practicable date, February 28, 1997: NONE
As of February 28, 1997, the latest practicable date, there were 10,000 shares
of Dynex Securities Corporation common stock outstanding.
The registrant meets the conditions set forth in General Instruction J(1)(a) and
(b) of Form 10-K and, therefore, is furnishing the abbreviated narrative
disclosure specified in Paragraph (2) of General Instruction J.
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DYNEX SECURITIES CORPORATION
1996 FORM 10-K ANNUAL REPORT
TABLE OF CONTENTS
Page Number
PART I.
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Item 1. Business 3
Item 2. Properties 4
Item 3. Legal Proceedings 4
Item 4. Submission of Matters to a Vote of Security Holders 4
PART II.
Item 5. Market for Registrant's Common Equity and Related
Stockholder Matters 4
Item 6. Selected Financial Data 4
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations 4
Item 8. Financial Statements and Supplementary Data 4
Item 9. Changes In and Disagreements with Accountants on Accounting
and Financial Disclosure 7
PART III.
Item 10. Directors and Executive Officers of the Registrant 7
Item 11. Executive Compensation 7
Item 12. Security Ownership of Certain Beneficial Owners and
Management 7
Item 13. Certain Relationships and Related Transactions 7
PART IV.
Item 14. Exhibits, Financial Statement Schedules and Reports
on Form 8-K 7
SIGNATURES 15
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PART I
Item 1. Business
Dynex Securities Corporation (the Company), formerly SMFC Mortgage Securities
Corporation, was incorporated in Virginia on July 8, 1992 as a wholly-owned,
limited-purpose financing subsidiary of SMFC Funding Corporation, a Virginia
Corporation (SMFC). SMFC is a wholly-owned subsidiary of SMFC Holding, Inc. SMFC
Holding, Inc. is consolidated with Resource Mortgage Capital, Inc. (RMC) for
financial reporting purposes. The Company changed its name to Dynex Securities
Corporation effective December 3, 1996.
The Company was organized to facilitate the securitization of mortgage loans
through the issuance and sale of certificates of participation (Mortgage
Securities) and collateralized mortgage obligations (the Bonds). The Bonds will
be issued pursuant to an indenture or indentures and will be secured by one or
more of the following: mortgage loans, Federal National Mortgage Association
Mortgage-Backed Certificates, insurance policies, and various accounts and funds
(collectively, the Collateral). The Collateral for a series of Bonds will be
pledged to a trustee. The Mortgage Securities will represent a percentage
interest in a pool of Collateral purchased by a trust established by the
Company.
After payment of the expenses of an offering and certain administrative
expenses, the net proceeds from an offering of Mortgage Securities or Bonds will
be used to purchase Collateral from SMFC, the Company (in the case of Mortgage
Securities issued by a trust) or various third parties. SMFC, its affiliates and
the Company can be expected to use the proceeds to reduce indebtedness incurred
to obtain mortgage loans used as Collateral or to acquire additional Collateral.
After the issuance of a series of Bonds, the Company may sell the Collateral
securing that series of Bonds, subject to the lien of the Bonds.
From the date of its inception to December 31, 1996, the Company has issued 30
series of Mortgage Securities on behalf of SMFC totaling $6.7 billion and has
not issued any series of Bonds. During 1996 and 1995, the Company issued none
and $278 million, respectively, of Mortgage Securities on behalf of SMFC.
The Mortgage Securities and Bonds and the related Collateral are excluded from
the financial statements of the Company since the issuance of these Mortgage
Securities and Bonds has been accounted for by SMFC as a sale of the associated
Collateral in accordance with generally accepted accounting principles.
At December 31, 1996, the Company had $1.4 billion of securities remaining for
issuance under a registration statement filed with the Securities and Exchange
Commission in October 1994. Securities sold through private placements by the
Company do not reduce the amount available under the shelf registration
statements.
Substantially all classes of Mortgage Securities issued, except for those sold
in a private placement, have been rated in the two highest categories (i.e. AA
or AAA) by one or more nationally recognized statistical rating agencies. The
Company anticipates issuing additional Mortgage Securities and Bonds in the
future.
The Company competes in a national market with other private conduits, thrift
institutions, and financial firms. Economic conditions, interest rates,
regulatory changes and market dynamics all influence the mortgage securities
market.
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Item 2. Properties
The Company has no physical properties.
Item 3. Legal Proceedings
None.
Item 4. Submission of Matters to a Vote of Security Holders
Information in response to this Item is omitted pursuant to General Instruction
J.
PART II
Item 5. Market for the Registrant's Common Equity and Related
Stockholder Matters
All of the Company's outstanding common stock is owned by SMFC.
Accordingly, there is no market for its common stock. The Company has
paid no dividends with respect to its common stock.
Item 6. Selected Financial Data
Information in response to this Item is omitted pursuant to General
Instruction J. (See Item 7)
Item 7. Management's Discussion and Analysis of Financial Condition
and Results of Operations
Information in response to this Item is omitted pursuant to General Instruction
J.
Since inception, the Company has used its shelf registration statements to issue
Mortgage Securities on behalf of SMFC. The Mortgage Securities and the related
mortgage collateral are excluded from the financial statements of the Company
since the issuance of these Mortgage Securities have been accounted for as sales
of the associated collateral in accordance with generally accepted accounting
principles. All fees and related expenses in connection with issuance and
administrative services related to the Mortgage Securities are recorded in the
financial statements of SMFC.
Item 8. Financial Statements and Supplementary Data
AUDITED FINANCIAL STATEMENTS
DYNEX SECURITIES CORPORATION
December 31, 1996 and 1995
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Independent Auditors' Report..............................5
Balance Sheets............................................6
Notes to Balance Sheets...................................6
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Independent Auditors' Report
Board of Directors
Dynex Securities Corporation:
We have audited the accompanying balance sheets of Dynex Securities Corporation
(a wholly-owned subsidiary of SMFC Funding Corporation), formerly SMFC Mortgage
Securities Corporation, as of December 31, 1996 and 1995. These financial
statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the balance sheet is free of material
misstatement. An audit of the balance sheet includes examining, on a test
basis, evidence supporting the amounts and disclosures in that balance sheet. An
audit of a balance sheet also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall
balance sheet presentation. We believe that our audits of the balance sheets
provide a reasonable basis for our opinion.
In our opinion, the balance sheets referred to above presents fairly, in all
material respects, the financial position of Dynex Securities Corporation as of
December 31, 1996 and 1995 in conformity with generally accepted accounting
principles.
KPMG PEAT MARWICK LLP
March 26, 1997
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DYNEX SECURITIES CORPORATION
BALANCE SHEETS
December 31, 1996 and 1995
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1996 1995
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ASSETS
Cash $10,000 $10,000
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STOCKHOLDER'S EQUITY
Common Stock, no par value;
10,000 shares authorized, issued and outstanding $10,000 $10,000
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See accompanying notes to the financial statements.
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NOTES TO BALANCE SHEETS
December 31, 1996 and 1995
NOTE 1 - FORMATION OF THE COMPANY
Dynex Securities Corporation (the Company), formerly SMFC Mortgage Securities
Corporation, is a wholly-owned subsidiary of SMFC Funding Corporation (SMFC).
The Company was organized to facilitate the securitization of mortgage loans
through the issuance and sale of certificates of participation (Mortgage
Securities) and collateralized mortgage obligations (the Bonds).
The Mortgage Securities and the related mortgage collateral are excluded from
the financial statements of the Company since the issuance of these Mortgage
Securities has been accounted for as a sale of the associated mortgage
collateral in accordance with generally accepted accounting principles.
Accordingly, the statements of earnings, retained earnings and cash flows for
the years ended December 31, 1996, 1995 and 1994 have not been provided.
NOTE 2 - SECURITIES ISSUANCES
The Company uses its shelf registration statements to issue securities on behalf
of other companies. For the year ended December 31, 1996, the Company issued no
Mortgage Securities on behalf of SMFC. The Company did not issue any Bonds in
1996, 1995 or 1994. The outstanding aggregate principal balance at December 31,
1996 and 1995 of securities issued by the Company was $3.7 billion and $4.8
billion, respectively. These securities were secured by mortgage collateral with
an outstanding aggregate principal balance of $3.7 billion and $4.8 billion at
December 31, 1996 and 1995, respectively.
At December 31, 1996, the Company had $1.4 billion remaining for issuance under
registration statements filed with the Securities and Exchange Commission.
All fees and expense related to issuance and administrative services for
securities issued under the Company's shelf registration statements are recorded
in the financial statements of SMFC.
NOTE 3 - SUBSEQUENT EVENTS
On January 1, 1997, SMFC dividended all of the outstanding stock of the
Company, represented by 10,000 shares of Common Stock, to Dynex
Holding, Inc., an affiliate company. Dynex Holding, Inc. is
consolidated with Resource Mortgage Capital, Inc. for financial
reporting purposes.
<PAGE>
Item 9. Changes In and Disagreements with Accountants on Accounting and
Financial Disclosure
None
PART III
Item 10. Directors and Executive Officers of the Registrant
Information in response to this Item is omitted pursuant to
General Instruction J.
Item 11. Executive Compensation
Information in response to this Item is omitted pursuant to General
Instruction J.
Item 12. Security
Ownership of Certain Beneficial Owners and Management
Information in response to this Item is omitted pursuant to General
Instruction J.
Item 13. Certain Relationships and Related Transactions
Information in response to this Item is omitted pursuant to General
Instruction J.
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) Financial Statements - see item 8
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Exhibits
3.1 Articles of Incorporation of the Registrant (Incorporated
herein by reference to the Exhibits to Registrant's
Registration Statement No. 33-49520 on Form S-11 filed July
10, 1992).
3.2 By-Laws of the Registrant (Incorporated herein by reference
to the Exhibits to Registrant's Registration Statement No.
33-49520 on Form S-11 filed July 10, 1992).
4.1 Form of Trust Agreement dated July 1, 1992, (Incorporated herein by
reference to Exhibits to Registrant's Registration Statement No.
33-49520 on Form S-11 filed July 10, 1992).
4.2 Standard Terms to Trust Agreement dated July 1, 1992
(Incorporated herein by reference to the Exhibits to
Registrant's Registration Statement No. 33-49520 on Form
S-11 filed July 10, 1992).
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 (Incorporated
herein by reference to Exhibit to the Registrant's Current Report on
Form 8-K, filed September 4, 1992).
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 (Incorporated
herein by reference to Exhibit to the Registrant's Current Report on
Form 8-K, filed October 14, 1992).
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 (Incorporated
herein by reference to Exhibit to the Registrant's Current Report on
Form 8-K, filed November 6, 1992).
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 (Incorporated
herein by reference to Exhibit to the Registrant's Current Report on
Form 8-K, filed December 7, 1992).
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 (Incorporated
herein by reference to Exhibit to the Registrant's Current Report on
Form 8-K, filed January 7, 1993).
4.8 Copy of Series 1993-1 Trust Agreement dated as of January 1, 1993,
among Registrant, Ryland Mortgage Company, as Master Servicer, and
Texas Commerce Bank National Association, as Trustee (Incorporated
herein by reference to Exhibit to the Registrant's Current Report on
Form 8-K, filed February 8, 1993).
4.9 Copy of Series 1993-2 Trust Agreement dated as of February 1, 1993,
among Registrant, Ryland Mortgage Company, as Master Servicer, and
Texas Commerce Bank National Association, as Trustee (Incorporated
herein by reference to Exhibit to the Registrant's Current Report on
Form 8-K, filed March 9, 1993).
4.10 Copy of Series 1993-3 Trust Agreement dated as of February 1, 1993,
among Registrant, Ryland Mortgage Company, as Master Servicer, and
Texas Commerce Bank National Association, as Trustee (Incorporated
herein by reference to Exhibit to the Registrant's Current Report on
Form 8-K, filed March 11, 1993).
4.11 Copy of Series 1993-4 Trust Agreement dated as of May 1, 1993, among
Registrant, Ryland Mortgage Company, as Master Servicer, and Texas
Commerce Bank National Association, as Trustee (Incorporated herein
by reference to Exhibit to the Registrant's Current Report on Form
8-K, filed June 3, 1993).
4.12 Copy of Series 1993-5 Trust Agreement dated as of May 1, 1993, among
Registrant, Ryland Mortgage Company, as Master Servicer, and Texas
Commerce Bank National Association, as Trustee (Incorporated herein
by reference to Exhibit to the Registrant's Current Report on Form
8-K, filed June 7, 1993).
4.13 Copy of Series 1993-6 Trust Agreement dated as of June 1, 1993, among
Registrant, Ryland Mortgage Company, as Master Servicer, and Texas
Commerce Bank National Association, as Trustee (Incorporated herein
by reference to Exhibit to the Registrant's Current Report on Form
8-K, filed July 8, 1993).
4.14 Copy of the Series 1993-7 Trust Agreement dated as of July 1, 1993,
among Registrant, Ryland Mortgage Company, as Master Servicer, and
Texas Commerce Bank National Association, as Trustee (Incorporated
herein by reference to the Exhibits to the Registrant's Current
Report on Form 8-K, filed August 6, 1993).
4.15 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 (Incorporated
herein by reference to the Exhibits to the Registrant's Current
Report on Form 8-K, filed September 3, 1993).
4.16 Standard Terms to Trust Agreement, dated August 1, 1993 (Incorporated
herein by reference to the Exhibits to the Registrant's Current
Report on Form 8-K, filed September 3, 1993).
4.17 Copy of the Series 1993-9 Trust Agreement dated as of September 1,
1993, among the Registrant, Ryland Mortgage Company, as Master
Servicer, and Texas Commerce Bank National Association, as Trustee
(Incorporated herein by reference to the Exhibits to the Registrant's
Current Report on Form 8-K, filed October 8, 1993).
4.18 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
(Incorporated herein by reference to the Exhibits to the Registrant's
Current Report on Form 8-K, filed November 1, 1993).
4.19 Copy of the Series 1993-11 Trust Agreement dated as of December 1,
1993, among the Registrant, Ryland Mortgage Company, as Master
Servicer, and Texas Commerce Bank National Association, as Trustee
(Incorporated herein by reference to the Exhibits to the Registrant's
Current Report on Form 8-K, filed January 7, 1994).
4.20 Copy of the Series 1994-1 Trust Agreement dated as of December 1,
1993, among the Registrant, Ryland Mortgage Company, as Master
Servicer, and Texas Commerce Bank National Association, as Trustee
(Incorporated herein by reference to the Exhibits to the Registrant's
Current Report on Form 8-K, filed January 24, 1994).
4.21 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
(Incorporated herein by reference to the Exhibits to the Registrant's
Current Report
on form 8-K, filed February 10, 1994).
4.22 Copy of the Series 1994-3 Trust Agreement dated as of February 1,
1994, among the Registrant, Ryland Mortgage Company, as Master
Servicer, and Texas Commerce Bank National Association, as Trustee
(Incorporated herein by reference to the Exhibits to the Registrant's
Current Report on Form 8-K, filed March 3, 1994).
4.23 Copy of the Series 1994-5 Trust Agreement dated as of March 1, 1994,
among the Registrant, Ryland Mortgage Company, as Master Servicer,
and Texas Commerce Bank National Association, as Trustee
(Incorporated herein by reference to the Exhibits to the Registrant's
Current Report on Form 8-K, filed April 12, 1994).
4.24 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 Trustee
(Incorporated herein by reference to the Exhibits to the Registrant's
Current Report on Form 8-K, filed April 13, 1994).
4.25 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 (Incorporated herein by reference to the Exhibits to the
Registrant's Current
Report on Form 8-K, filed May 5, 1994).
4.26 Copy of the Series 1994-6 Trust Agreement dated as of April 1, 1994,
among the Registrant, Ryland Mortgage Company, as Master Servicer,
and Texas Commerce Bank National Association, as Trustee
(Incorporated herein by reference to the Exhibits to the Registrant's
Current Report on Form 8-K, filed May 12, 1994).
4.27 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 (Incorporated herein by reference to the Exhibits to the
Registrant's Current
Report on Form 8-K, filed May 18, 1994).
4.28 Copy of the Series 1994-7 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
(Incorporated herein by reference to the Exhibits to the Registrant's
Current Report on Form 8-K, filed July 11, 1994).
4.29 Copy of the Series 1994-8 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
(Incorporated herein by reference to the Exhibits to the Registrant's
Current Report on Form 8-K, filed July 12, 1994).
4.30 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
(Incorporated herein by reference to the Exhibits to the Registrant's
Current Report on Form 8-K, filed July 12, 1994).
4.31 Copy of the Series 1994-7 First Amendment to Trust Agreement, dated
as of August 1, 1994, by and among the Registrant, Ryland Mortgage
Company, as Master Servicer, and Texas Commerce Bank National
Association, as Trustee (Incorporated herein by reference to the
Exhibits to the Registrant's Current Report on Form 8-K, filed
September 12, 1994).
4.32 Copy of the Series 1994-10 Trust Agreement, dated as of August 1,
1994, by and among the Registrant, Ryland Mortgage Company, as Master
Servicer, and Texas Commerce Bank National Association, as Trustee
(Incorporated herein by reference to the Exhibits to the Registrant's
Current Report on Form 8-K, filed September 13, 1994).
4.33 Standard Terms to Trust Agreement (August 1994 Edition) (Incorporated
herein by reference to the Exhibits to the Registrant's Current
Report on Form 8-K, filed September 13, 1994).
4.34 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 (Incorporated herein by reference to the
Exhibits to the Registrant's Current Report on Form 8-K, filed
October 5, 1994).
4.35 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 (Incorporated herein by reference to the
Exhibits to the Registrant's Current Report on Form 8-K, filed
October 13, 1994).
4.36 Copy of the Series 1994-11 Trust Agreement, dated as of October 1,
1994, by and among the Registrant, Ryland Mortgage Company, as Master
Servicer, and Texas Commerce Bank National Association, as Trustee
(Incorporated herein by reference to the Exhibits to the Registrant's
Current Report on Form 8-K, filed November 10, 1994).
4.37 Standard Terms to Trust Agreement (Pool Insurance) (October 1994
Edition) (Incorporated herein by reference to the Exhibits to the
Registrant's Current Report on Form 8-K, filed November 10, 1994).
4.38 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 (Incorporated herein by reference to the
Exhibits to the Registrant's Current Report on Form 8-K, filed
December 15, 1994).
4.39 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 (Incorporated herein by reference to the
Exhibits to the Registrant's Current Report on Form 8-K, filed
December 15, 1994).
4.40 Copy of the Series 1994-12 Trust Agreement, dated as of December 1,
1994, by and among the Registrant, Ryland Mortgage Company, as Master
Servicer, and Texas Commerce Bank National Association, as Trustee
(Incorporated herein by reference to the Exhibits to the Registrant's
Current Report on Form 8-K, filed January 11, 1995).
4.41 Copy of the Series 1994-12 Trust Agreement, dated as of December 1,
1994, by and among the Registrant, Ryland Mortgage Company, as Master
Servicer, and Texas Commerce Bank National Association, as Trustee
(Incorporated herein by reference to the Exhibits to the Registrant's
Current Report on Form 8-K, filed January 13, 1995).
4.42 Copy of the Series 1995-1 Trust Agreement, dated as of March 1, 1995,
by and among the Registrant, Ryland Mortgage Company, as Master
Servicer, and Texas Commerce Bank National Association, as Trustee
(Incorporated herein by reference to the Exhibits to the Registrant's
Current Report on Form 8-K, filed April 7, 1995).
4.43 Copy of the September 1995 Edition of Standard Terms to Trust
Agreement (with Servicing Agreement for Credit Sensitive Loans)
(Incorporated herein by reference to the Exhibits to the Registrant's
Current Report on Form 8-K, filed October 12, 1995).
4.44 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 (Incorporated herein by reference to the Exhibits to the
Registrant's Current Report on Form 8-K, filed October 12, 1995).
4.45 Copy of the Series 1992-1 First Amendment to Trust Agreement, dated
as of December 1, 1995, by and among the Registrant, Norwest Bank
Minnesota, N.A., as Master Servicer, and Texas Commerce Bank National
Association, as Trustee (Incorporated herein by reference to the
Exhibits to the Registrant's Current Report on Form 8-K, filed
January 11, 1996).
4.46 Copy of the Series 1992-2 First Amendment to Trust Agreement, dated
as of December 1, 1995, by and among the Registrant, Norwest Bank
Minnesota, N.A., as Master Servicer, and Texas Commerce Bank National
Association, as Trustee (Incorporated herein by reference to the
Exhibits to the Registrant's Current Report on Form 8-K filed January
11, 1996).
4.47 Copy of the Series 1992-3 First Amendment to Trust Agreement, dated
as of December 1, 1995, by and among the Registrant, Norwest Bank
Minnesota, N.A., as Master Servicer, and Texas Commerce Bank National
Association, as Trustee (Incorporated herein by reference to the
Exhibits to the Registrant's Current Report on Form 8-K, filed
January 11, 1996).
4.48 Copy of the Series 1992-4 First Amendment to Trust Agreement, dated
as of December 1, 1995, by and among the Registrant, Norwest Bank
Minnesota, N.A., as Master Servicer, and Texas Commerce Bank National
Association, as trustee (Incorporated herein by reference to the
Exhibits to the Registrant's Current Report on Form 8-K, filed
January 11, 1996).
23.1 Consent of KPMG Peat Marwick LLP (filed herewith).
99.1 Standard Provisions to Servicing Agreement (November 1989
Edition) (Incorporated herein by reference to the Exhibits
to Registrant's Registration Statement No. 33-49520 on Form
S-11 filed July 10, 1992).
99.2 Form of Pool Insurance Policy issued by PMI Mortgage
Insurance Company (Incorporated herein by reference to the
Exhibits to Registrant's Registration Statement No. 33-49520
on Form S-11 filed July 10, 1992).
99.3 Form of Pool Insurance Policy issued by General Electric Mortgage
Insurance Company (Incorporated herein by reference to the Exhibits
to Registrant's Registration Statement No. 33-49520 on Form S-11
filed July 10, 1992).
99.4 Standard Provisions to Servicing Agreement (December 1992
Edition) (Incorporated herein by reference to the Exhibits
to Registrant's Registration Statement No. 33-57204 on Form
S-11 filed January 21, 1993).
99.5 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 (Incorporated herein
by reference to Exhibit to the Registrant's Current Report on Form
8-K, filed July 11, 1994).
99.6 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 (Incorporated herein by reference to Exhibit
to the Registrant's Current Report on Form 8-K, filed November 10,
1994).
99.7 Copy of Financial Guaranty Insurance Policy No. 50304-N issued by
Financial Security Assurance Inc., dated June 29, 1994, with respect
to the Series 1994-7 Securities (Incorporated herein by reference to
Exhibit to the Registrant's Current Report on Form 10-K, filed March
21, 1995).
99.8 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 (Incorporated herein by reference to
Exhibit to the Registrant's Current Report on Form 10-K, filed March
21, 1995).
99.9 Copy of Financial Guaranty Insurance Policy No. 50326-N issued by
Financial Security Assurance Inc., dated October 27, 1994, with
respect to the Series 1994-11 Securities (Incorporated herein by
reference to Exhibit to the Registrant's Current Report on Form 10-K,
filed March 21, 1995).
99.10 Copy of Security Insurance Policy No. 94010674 issued by Financial
Guaranty Insurance Company, dated December 28, 1994, with respect to
the Series 1994-12 Securities (Incorporated herein by reference to
Exhibit to the Registrant's Current Report on Form 10-K, filed March
21, 1995).
99.11 Copy of Financial Guaranty Insurance Policy No. 50360-N issued by
Financial Security Assurance Inc., dated March 29, 1995, with respect
to the Series 1995-1 Securities (Incorporated herein by reference to
Exhibit to the Registrant's Current Report on Form 8-K, filed April
7, 1995).
99.12 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 (Incorporated
herein by reference to Exhibit to the Registrant's Current Report on
Form 8-K, filed October 12, 1995).
99.13 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 (Incorporated
herein by reference to Exhibit to the Registrant's Current Report on
Form 8-K, filed October 12, 1995).
99.14 Copy of the Meritech Servicing Agreement dated September 1, 1995
(Incorporated herein by reference to Exhibit to the Registrant's
Current Report on Form 8-K, filed October 12, 1995).
99.15 Copy of the Standard Terms to Meritech Servicing Agreement for Saxon
Mortgage Securities Corporation, September 1995 Edition (Incorporated
herein by reference to Exhibit to the Registrant's Current Report on
Form 8-K, filed October 12, 1995).
99.16 Copy of the Saxon Mortgage, Inc. Servicing Guide for Credit
Sensitive Loans, February 1995 Edition (Incorporated herein
by reference to Exhibit to the Registrant's Current Report
on Form 8-K, filed October 12, 1995).
<PAGE>
SIGNATURES
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)
March 31, 1997 By: /s/ Lynn K. Geurin
------------------
Lynn K. Geurin
President
(Principal Executive Officer)
March 31, 1997 By: /s/ Stephen J. Benedetti
------------------------
Stephen J. Benedetti
Treasurer and Chief Financial Officer
(Principal Accounting Officer)
Pursuant to the requirements of the Securities and Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
Signature Capacity Date
/s/ Lynn K. Geurin Director March 31, 1997
- ------------------
Lynn K. Geurin
/s/ C. M. Bachtell Director March 31, 1997
- ------------------
C. M. Bachtell
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Sequentially
Exhibit Numbered Page
<S> <C> <C>
23.1 Consent of KPMG Peat Marwick LLP I
</TABLE>
<PAGE>
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
<TABLE> <S> <C>
<CAPTION>
<S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<PERIOD-TYPE> year
<FISCAL-YEAR-END> Dec-31-1996
<PERIOD-END> Dec-31-1996
<CASH> 10
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 10
<CURRENT-LIABILITIES> 0 <F1>
<BONDS> 0
0
0
<COMMON> 10
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 10
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1> The Company's balance sheet is unclassified.
</FN>
</TABLE>
