<PAGE>
                                                           Exhibit 20.1
---------------------------------------------------------------------------
                   CHEMICAL MORTGAGE SECURITIES, INC.
           MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
                            SERIES 1996-1
---------------------------------------------------------------------------
                            
DISTRIBUTION:  25-Oct-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  85,532,380.74    227,082.41      516,758.12   743,840.53       0.00        0.00      85,305,298.33
    A-2    40,932,000.00  38,507,351.57    102,234.29      224,626.22   326,860.51       0.00        0.00      38,405,117.28
    A-3    20,466,000.00  19,253,675.79     51,117.15      124,346.66   175,463.81       0.00        0.00      19,202,558.64
    A-4     9,139,000.00   9,138,999.98          0.01       53,310.83    53,310.84       0.00        0.00       9,138,999.97
    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   2,713,000.00          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  23,963,135.11     17,904.54      144,777.27   162,681.81       0.00        0.00      23,945,230.57
    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   5,978,851.93      4,467.22       36,122.23    40,589.45       0.00        0.00       5,974,384.71
    B-2     3,607,000.00   3,586,515.69      2,679.74       21,668.53    24,348.27       0.00        0.00       3,583,835.95
    B-3     2,406,000.00   2,392,336.23      1,787.48       14,453.70    16,241.18       0.00        0.00       2,390,548.75
    B-4       962,000.00     956,536.76        714.70        5,779.08     6,493.78       0.00        0.00         955,822.06
    B-5       481,000.00     478,268.38        357.35        2,889.54     3,246.89       0.00        0.00         477,911.03
    B-6       962,552.00     957,085.63        715.11        5,782.39     6,497.50       0.00        0.00         956,370.52
----------------------------------------------------------------------------------------------------------------------------
   TOTALS 240,523,752.43 231,282,137.80    409,060.00    1,396,416.45 1,805,476.45       0.00        0.00     230,873,077.80
----------------------------------------------------------------------------------------------------------------------------
</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       2.49766173  5.68378228    938.26632709        A-1           7.25%
    A-2       2.49766173  5.48778999    938.26632668        A-2           7.00%
    A-3       2.49766198  6.07576761    938.26632644        A-3           7.75%
    A-4       0.00000109  5.83333297    999.99999672        A-4           7.00%
    A-5       0.00000078  6.25000000    999.99999767        A-5           7.50%
    A-6       0.00000078  6.66666790    999.99999767        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       0.74292697  6.00735560    993.57803195        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       0.74292699  6.00735573    993.57803260        B-1           7.25%
    B-2       0.74292764  6.00735514    993.57802883        B-2           7.25%
    B-3       0.74292602  6.00735661    993.57803408        B-3           7.25%
    B-4       0.74293139  6.00735967    993.57802495        B-4           7.25%
    B-5       0.74293139  6.00735967    993.57802495        B-5           7.25%
    B-6       0.74292829  6.00735337    993.57802869        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-Oct-96                                                   Page 2


SEC. 4.02 (i) (b)      PRINCIPAL PREPAYMENTS                      236,252.84

SEC. 4.02 (ii)         SERVICING FEE                              144,068.07

SEC. 4.02 (iv)         CURRENT ADVANCES                             8,766.87
                       OUTSTANDING ADVANCES                        22,896.90

SEC. 4.02 (v)          ENDING NUMBER OF LOANS                            755
                       ENDING STATED PRINCIPAL BALANCE        230,873,077.80

SEC. 4.02 (vi)         SENIOR PERCENTAGE                           83.417684%
                       CLASS B PERCENTAGE                           6.210717%
                       CLASS B1 PERCENTAGE                          2.587736%
                       CLASS B2 PERCENTAGE                          1.552297%
                       CLASS B3 PERCENTAGE                          1.035439%
                       CLASS B4 PERCENTAGE                          0.414003%
                       CLASS B5 PERCENTAGE                          0.207002%
                       CLASS B6 PERCENTAGE                          0.414241%

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       3       928,025.74
                                               60-89 DAYS       0             0.00
                                                90+ DAYS        1       230,894.64
                                               FORECLOSURE      0             0.00
                                              -----------------------------------------------

                                              -----------------------------------------------
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                       348

SEC. 4.02 (xviii)   ENDING WEIGHTED AVERAGE MORTGAGE RATE            7.996970%
             
SEC. 4.02 (xix)     GROUP I SENIOR OPTIMAL PRINCIPAL AMOUNT        380,433.86         
                    GROUP II SENIOR OPTIMAL PRINCIPAL AMOUNT        17,904.54                       
                    SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT       10,721.60                   
                    POOL BALANCE                               230,873,077.80
</TABLE>

(C) COPYRIGHT 1996, CHASE BANKING CORPORATION