<PAGE>



                      SECURITIES AND EXCHANGE COMMISSION


                            Washington, D.C. 20549





                                   FORM 8-K

                                CURRENT REPORT


                       Pursuant to Section 13 or 15(d)
                    of the Securities Exchange Act of 1934


                      Date of Report: November 7, 1996


                       Chemical Mortgage Securities, Inc.
                  (Issuer in respect of Multi-Class Mortgage
                  Pass-Through Certificates, Series 1996-1)
                          (Exact name of registrant as
                          specified in its charter)


                 New York             33-18640                  13-3436103
                 --------             --------                  ----------
              (State or other        (Commission               (IRS Employer
             jurisdiction of        File Number)            Identification No.)
              incorporation)


             270 Park Avenue, New York, New York                   10017
          ----------------------------------------              -----------
          (Address of principal executive offices)              (Zip Code)



          Registrant's telephone number, including area code:  (212) 834-5316







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Item 5.   Other Events.


    On or about October 25, 1996, interest and principal, in accordance with the
Pooling and Servicing  Agreement dated as of January 1, 1996 (the  "Agreement"),
among Chemical Mortgage Securities, Inc., Chase Manhattan Mortgage Corporation, 
as the master servicer, and The First National  Bank of Chicago as Trustee (the
"Trustee"), were distributed to holders of the Multi-Class Mortgage Pass-Through
Certificates,  Series 1996-1 evidencing the entire beneficial ownership interest
in a  trust  fund  consisting  of a  segregated  pool  of  conventional  one- to
four-family fixed rate first-lien  mortgage loans. A copy of the Monthly Report,
prepared  pursuant to the Agreement,  was furnished to the Trustee in accordance
with the Agreement.  A copy of the Monthly Report is being filed as Exhibit 20.1
to this Current Report on Form 8-K.


Item 7(c).  Exhibits.

           Exhibit No.                      Description
           -----------                      -----------
  
              20.1                 Monthly Report for the month ended
                                   September 30, 1996.



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                                  SIGNATURES


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant has caused this report to be signed on its behalf by the  undersigned
thereunto duly authorized.




Date:  November 7, 1996


                                             CHEMICAL MORTGAGE SECURITIES, INC.


                                             By: /s/Louis D. Violante
                                                 --------------------
                                             Name: Louis D. Violante
                                             Title: Chief Financial Officer


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                              INDEX TO EXHIBITS
                              -----------------



           Exhibit No.               Description                         
           -----------               -----------

              20.1          Monthly Report for the month                 
                            ended September 30, 1996