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                                                                       CHASE MORTGAGE FINANCE TRUST
                                                      MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-S5
                                                                     STATEMENT TO CERTIFICATEHOLDERS
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DISTRIBUTION DATE:  26-Oct-98                                                                                              PAGE # 1
RECORD DATE:        30-Sep-98



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          ORIGINAL       BEGINNING                                                                    COMPENSATING          ENDING
        CERTIFICATE     CERTIFICATE    PRINCIPAL       INTEREST        TOTAL        REALIZED LOSS      INTEREST         CERTIFICATE
CLASS      BALANCE        BALANCE     DISTRIBUTION   DISTRIBUTION   DISTRIBUTION  PRINCIPAL  INTEREST  SHORTFALLS          BALANCE
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<S>  <C>             <C>            <C>           <C>             <C>           <C>      <C>       <C>        <C>          
 A-1   26,000,000.00   25,845,580.90    202,735.51     139,996.90     342,732.41     0.00       0.00      0.00         25,642,845.39
 A-2    3,413,903.00    3,413,903.00          0.00      18,491.97      18,491.97     0.00       0.00      0.00          3,413,903.00
 A-3   12,553,500.00   12,513,274.06     40,672.00      67,780.23     108,452.23     0.00       0.00      0.00         12,472,602.06
 A-4  141,000,000.00  140,285,342.75    911,126.80     759,878.94   1,671,005.74     0.00       0.00      0.00        139,374,215.95
 A-6   20,800,000.00   20,676,464.72    162,188.40     107,689.92     269,878.32     0.00       0.00      0.00         20,514,276.32
 A-P      457,673.00      456,045.92      1,590.86            N/A       1,590.86     0.00       0.00      0.00            454,455.06
 A-R          100.00            0.00          0.00           0.00           0.00     0.00       0.00      0.00                  0.00
  M     2,100,001.00    2,093,271.83      6,803.78      11,338.56      18,142.34     0.00       0.00      0.00          2,086,468.05
 B-1    1,365,001.00    1,360,627.04      4,422.46       7,370.06      11,792.52     0.00       0.00      0.00          1,356,204.58
 B-2      840,000.00      837,308.33      2,721.51       4,535.42       7,256.93     0.00       0.00      0.00            834,586.82
 B-3      630,000.00      627,981.25      2,041.13       3,401.57       5,442.70     0.00       0.00      0.00            625,940.12
 B-4      525,000.00      523,317.71      1,700.94       2,834.64       4,535.58     0.00       0.00      0.00            521,616.77
 B-5      315,003.39      313,994.01      1,020.58       1,700.80       2,721.38     0.00       0.00      0.00            312,973.43
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TOTAL 210,000,181.39  208,947,111.52  1,337,023.97   1,125,019.01   2,462,042.98     0.00       0.00      0.00        207,610,087.55
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           ORIGINAL             BEGINNING                                                                    ENDING
           NOTIONAL              NOTIONAL                 INTEREST                  TOTAL                   NOTIONAL
CLASS      BALANCE               BALANCE                DISTRIBUTION             DISTRIBUTION               BALANCE
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 A-5       20,800,000.00      20,676,464.72                 4,307.60                 4,307.60            20,514,276.32
 A-X      183,626,014.51     182,669,602.50                61,734.37                61,734.37           181,427,102.38
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                   FACTOR INFORMATION PER $1,000                                                              PASS THRU RATES


           PRINCIPAL                 INTEREST                END. CERT.                                    PASS-THRU
 CLASS    DISTRIBUTION             DISTRIBUTION               BALANCE                     CLASS              RATE
-------------------------------------------------------------------------------           -------------------------------------
<S>   <C>             <C>                      <C>                      <C>                    <C>   
  A-1      7.79751962               5.38449615             986.26328423                   A-1               6.50000000%
  A-2      0.00000000               5.41666532            1000.00000000                   A-2               6.50000000%
  A-3      3.23989326               5.39930936             993.55574621                   A-3               6.50000000%
  A-4      6.46189220               5.38921234             988.46961667                   A-4               6.50000000%
  A-5             N/A               5.17740000             986.26328462                   A-5               0.25000000%
  A-6      7.79751923               5.17740000             986.26328462                   A-6               6.25000000%
  A-P      3.47597521                      N/A             992.96891012                   A-P                       N/A
  A-R      0.00000000               0.00000000               0.00000000                   A-R               6.50000000%
  A-X             N/A               0.33619621             988.02505116                   A-X               0.40555000%
   M       3.23989370               5.39931171             993.55574116                    M                6.50000000%
  B-1      3.23989506               5.39930740             993.55574098                   B-1               6.50000000%
  B-2      3.23989286               5.39930952             993.55573810                   B-2               6.50000000%
  B-3      3.23988889               5.39931746             993.55574603                   B-3               6.50000000%
  B-4      3.23988571               5.39931429             993.55575238                   B-4               6.50000000%
  B-5      3.23990164               5.39930697             993.55575189                   B-5               6.50000000%
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DISTRIBUTION DATE:    26-Oct-98                                                                                            PAGE # 2
RECORD DATE:          30-Sep-98




<S>                 <C>                                                                                     <C>       
SECTION 6.02 (iii)   AGGREGATE PRINCIPAL PREPAYMENT AMOUNT                                                               657,820.29
                     AGGREGATE REPURCHASE PROCEEDS AMOUNT                                                                      0.00


SECTION 6.02 (iv)    AGGREGATE SERVICER ADVANCES                                                                          43,804.20



                     ENDING PRINCIPAL BALANCE OF OUTSTANDING MORTGAGE POOL                                           207,610,087.55


SECTION 6.02 (vi)    SERVICING FEES                                                                                       54,657.10


SECTION 6.02 (vii)   NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:

                     ------------------------------------------------------------------------------------------
                               CATEGORY                        COUNT                    AGG. PRIN. BAL.
                     ------------------------------------------------------------------------------------------
                                1 MONTH                          1                                  304,819.38
                               2 MONTHS                          0                                        0.00
                               3+ MONTHS                         0                                        0.00
                              FORECLOSURE                        0                                        0.00
                     ------------------------------------------------------------------------------------------


SECTION 6.02 (viii)  MORTGAGE LOANS ACQUIRED THROUGH FORECLOSURE

                                                   ------------------------------------------------------------
                                                               COUNT                    AGG. PRIN. BAL.
                                                   ------------------------------------------------------------
                                                                 0                                        0.00
                                                   ------------------------------------------------------------


SECTION 6.02 (ix)    AGGREGATE AMOUNT OF ALL ADVANCES RECOVERED DURING THE RELATED                                             0.00
                     DUE PERIOD


                     ------------------------------------------------------------------------------------------
SECTION 6.02 (x)                 CLASS                      PERCENTAGE                 PRINCIPAL BALANCE
                     ------------------------------                              ------------------------------
                     ------------------------------------------------------------------------------------------
                                CLASS A                       97.24%                            203,190,611.35
                                CLASS M                        1.00%                              2,093,271.83
                                CLASS B                        1.75%                              3,663,228.34
                     ------------------------------------------------------------------------------------------

                     NON-PO CLASS A PERCENTAGE                                                                                97.24%
                     NON-PO CLASS A PREPAYMENT PERCENTAGE                                                                    100.00%

                     CREDIT SUPPORT LEVEL

                                                   ------------------------------------------------------------
                                                               CLASS                    CREDIT SUPPORT
                                                   ------------------------------------------------------------
                                                                 M                        1.75318000%
                                                                B-1                       1.10200000%
                                                                B-2                       0.70127000%
                                                                B-3                       0.40073000%
                                                                B-4                       0.15027000%
                                                   ------------------------------------------------------------



SECTION 6.02 (xi)    CURRENT AGGREGATE AMOUNT OF REALIZED LOSSES                                                               0.00
                     CUMULATIVE AGGREGATE AMOUNT REALIZED LOSSES                                                               0.00







(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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