Exhibit 20.1
---------------------------------------------------------------------------
                   CHEMICAL MORTGAGE SECURITIES, INC.
           MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
                            SERIES 1996-1
---------------------------------------------------------------------------
                            
DISTRIBUTION:  25-Nov-96                                           Page 1

<TABLE>
<CAPTION>

            ORIGINAL      BEGINNING                                                    REALIZED    REALIZED     ENDING
           CERTIFICATE   CERTIFICATE      PRINCIPAL        INTEREST      TOTAL           LOSS       LOSS       CERTIFICATE
   CLASS     BALANCE      BALANCE         DISTRIBUTION    DISTRIBUTION  DISTRIBUTION   PRINCIPAL   INTEREST      BALANCE

---------------------------------------------------------------------------------------------------------------------------
<S>            <C>          <C>               <C>            <C>           <C>            <C>       <C>            <C>

    A-1    90,918,000.43  85,305,298.33    507,613.53      515,386.18 1,022,999.71       0.00        0.00      84,797,684.80
    A-2    40,932,000.00  38,405,117.28    228,531.61      224,029.85   452,561.46       0.00        0.00      38,176,585.67
    A-3    20,466,000.00  19,202,558.64    114,265.81      124,016.52   238,282.33       0.00        0.00      19,088,292.83
    A-4     9,139,000.00   9,138,999.97          0.01       53,310.83    53,310.84       0.00        0.00       9,138,999.96
    A-5     1,000,000.00   1,000,000.00          0.00        6,250.00     6,250.00       0.00        0.00       1,000,000.00
    A-6     2,713,000.00   2,712,999.99          0.00       18,086.67    18,086.67       0.00        0.00       2,712,999.99
    A-7    23,127,000.00  23,127,000.00          0.00      139,725.63   139,725.63       0.00        0.00      23,127,000.00
    A-8    13,697,000.00  13,697,000.00          0.00       79,899.17    79,899.17       0.00        0.00      13,697,000.00
    A-9    24,100,000.00  23,945,230.57     18,025.67      144,669.10   162,694.77       0.00        0.00      23,927,204.90
    A-10             N/A            N/A           N/A        1,940.41     1,940.41       0.00        0.00                N/A
    A-R           100.00           0.00          0.00            0.00         0.00       0.00        0.00               0.00
    A-RL          100.00           0.00          0.00            0.00         0.00       0.00        0.00               0.00
    B-1     6,013,000.00   5,974,384.71      4,497.44       36,095.24    40,592.68       0.00        0.00       5,969,887.27
    B-2     3,607,000.00   3,583,835.95      2,697.87       21,652.34    24,350.21       0.00        0.00       3,581,138.08
    B-3     2,406,000.00   2,390,548.75      1,799.58       14,442.90    16,242.48       0.00        0.00       2,388,749.17
    B-4       962,000.00     955,822.06        719.53        5,774.76     6,494.29       0.00        0.00         955,102.53
    B-5       481,000.00     477,911.03        359.77        2,887.38     3,247.15       0.00        0.00         477,551.26
    B-6       962,552.00     956,370.52        719.94        5,778.07     6,498.01       0.00        0.00         955,650.58
----------------------------------------------------------------------------------------------------------------------------
   TOTALS 240,523,752.43 230,873,077.80    879,230.76    1,393,945.05 2,273,175.81       0.00        0.00     229,993,847.04
----------------------------------------------------------------------------------------------------------------------------
</TABLE>

--------------------------------------------------------------------------------
                  FACTOR INFORMATION PER $1,000                 PASS THRU RATES
<TABLE>
<CAPTION>

              PRINCIPAL       INTEREST      END. CERT.                 CURR PASS
   CLASS     DISTRIBUTION    DISTRIBUTION    BALANCE          CLASS     THRU RATE

-------------------------------------------------          ----------------------
    <S>          <C>             <C>           <C>              <C>         <C>       
   
    A-1       5.58320165  5.66869242    932.68312544        A-1           7.25%
    A-2       5.58320165  5.47322022    932.68312503        A-2           7.00%
    A-3       5.58320190  6.05963647    932.68312454        A-3           7.75%
    A-4       0.00000109  5.83333297    999.99999562        A-4           7.00%
    A-5       0.00000078  6.25000000    999.99999689        A-5           7.50%
    A-6       0.00000078  6.66666790    999.99999689        A-6           8.00%
    A-7       0.00000000  6.04166688   1000.00000000        A-7           7.25%
    A-8       0.00000000  5.83333358   1000.00000000        A-8           7.00%
    A-9       0.74795311  6.00286722    992.83007884        A-9           7.25%
    A-10             N/A  0.14166679             N/A        A-10          0.17%
    A-R       0.00000000  0.00000000      0.00000000        A-R           7.25%
    A-RL      0.00000000  0.00000000      0.00000000        A-RL          7.25%
    B-1       0.74795277  6.00286712    992.83007983        B-1           7.25%
    B-2       0.74795398  6.00286665    992.83007485        B-2           7.25%
    B-3       0.74795511  6.00286783    992.83007897        B-3           7.25%
    B-4       0.74795218  6.00286902    992.83007277        B-4           7.25%
    B-5       0.74796258  6.00286902    992.83006237        B-5           7.25%
    B-6       0.74794620  6.00286530    992.83008249        B-6           7.25%
----------------------------------------------------       --------------------

  IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE
ADMINISTRATOR LISTED BELOW:
                                     -----------------------------------------------------------
                                      DIANE WALLACE
                                      CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
                                      450 WEST 33RD STREET, 15TH FLOOR
                                      NEW YORK, NEW YORK 10001
                                      (212) 946-8583

(C) COPYRIGHT 1996, CHASE BANKING CORPORATION
<PAGE>

------------------------------------------------------------------------------------------------------------

                                        CHEMICAL MORTGAGE SECURITIES, INC.
                                 MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
                                                 SERIES 1996-1
------------------------------------------------------------------------------------------------------------
     
DISTRIBUTION:  25-Nov-96                                                   Page 2


SEC. 4.02 (i) (b)      PRINCIPAL PREPAYMENTS                      705,432.40

SEC. 4.02 (ii)         SERVICING FEE                              143,712.70

SEC. 4.02 (iv)         CURRENT ADVANCES                                 0.00
                       OUTSTANDING ADVANCES                             0.00

SEC. 4.02 (v)          ENDING NUMBER OF LOANS                            753
                       ENDING STATED PRINCIPAL BALANCE        229,993,847.04

SEC. 4.02 (vi)         SENIOR PERCENTAGE                           83.366823%
                       CLASS B PERCENTAGE                           6.229766%
                       CLASS B1 PERCENTAGE                          2.595673%
                       CLASS B2 PERCENTAGE                          1.557058%
                       CLASS B3 PERCENTAGE                          1.038614%
                       CLASS B4 PERCENTAGE                          0.415273%
                       CLASS B5 PERCENTAGE                          0.207637%
                       CLASS B6 PERCENTAGE                          0.415511%

SEC. 4.02 (vii)        ENDING RESERVE FUND BALANCE                  3,000.00

SEC. 4.02 (viii)       CLASS A-8 DISTRIBUTION DEFICIENCY                0.00
                       PAYMENTS UNDER POLICY                            0.00
                       CLASS A-8 DISTRIBUTION                      79,899.17

                                               -----------------------------------------------
SEC. 4.02 (ix)         DELINQ. & FORECLOSURES   CATEGORY     NUMBER        STAT PRIN BAL

                                               -----------------------------------------------

                                               30-59 DAYS       0             0.00
                                               60-89 DAYS       0             0.00
                                                90+ DAYS        0             0.00
                                               FORECLOSURE      1       230,742.42
                                              -----------------------------------------------

                                              -----------------------------------------------
SEC. 4.02 (x)         RECENT REO PROPERTY       LOAN #     STAT PRIN BAL   DATE OF ACQ.
                                              -----------------------------------------------
                                                      N/A        0.00         N/A
                                              -----------------------------------------------

SEC. 4.02 (xi)         BOOK VALUE OF REO PROPERTY                       0.00

SEC. 4.02 (xii)        REMAINING SPECIAL HAZARD AMOUNT          3,714,454.00
                       REMAINING FRAUD LOSS AMOUNT              4,810,475.00
                       REMAINING BANKRUPTCY AMOUNT                100,000.00

                                     UNPAID      
                          CLASS     INTEREST     CLASS        UNPAID INTEREST
                       -------------------------------------------------------
SEC. 4.02 (xiii)       CLASS A-1     0.00     CLASS A-10         0.00
                       CLASS A-2     0.00      CLASS A-R         0.00
                       CLASS A-3     0.00     CLASS A-RL         0.00
                       CLASS A-4     0.00      CLASS B-1         0.00
                       CLASS A-5     0.00      CLASS B-2         0.00
                       CLASS A-6     0.00      CLASS B-3         0.00
                       CLASS A-7     0.00      CLASS B-4         0.00
                       CLASS A-8     0.00      CLASS B-5         0.00
                       CLASS A-9     0.00      CLASS B-6         0.00
<PAGE>



SEC. 4.02 (xiv)     SENIOR PREPAYMENT PERCENTAGE                   100.000000%
                    B1 PREPAYMENT DISTRIBUTION PERCENTAGE            0.000000%
                    B2 PREPAYMENT DISTRIBUTION PERCENTAGE            0.000000%
                    B3 PREPAYMENT DISTRIBUTION PERCENTAGE            0.000000%
                    B4 PREPAYMENT DISTRIBUTION PERCENTAGE            0.000000%
                    B5 PREPAYMENT DISTRIBUTION PERCENTAGE            0.000000%
                    B6 PREPAYMENT DISTRIBUTION PERCENTAGE            0.000000%

                    
SEC. 4.02 (xvi)     RECOVERIES ON FORECLOSURES                           0.00

SEC. 4.02 (xvii)    WEIGHTED AVERAGE REMAINING TERM                       347

SEC. 4.02 (xviii)   ENDING WEIGHTED AVERAGE MORTGAGE RATE            7.996970%
             
SEC. 4.02 (xix)     GROUP I SENIOR OPTIMAL PRINCIPAL AMOUNT        850,410.96         
                    GROUP II SENIOR OPTIMAL PRINCIPAL AMOUNT        18,025.67                       
                    SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT       10,794.13                  
                    POOL BALANCE                               229,993,847.04
</TABLE>

(C) COPYRIGHT 1996, CHASE BANKING CORPORATION