<PAGE> 
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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:       25-Sep-98                                                                                        PAGE # 1
 RECORD DATE:             31-Aug-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
------------------------------------------------------------------------------------------------------------------------------------
<S>  <C>               <C>            <C>           <C>            <C>              <C>     <C>         <C>        <C>          
 A-1     26,000,000.00   26,000,000.00    154,419.10    140,833.33       295,252.43     0.00       0.00        0.00    25,845,580.90
 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   12,553,500.00     40,225.94     67,998.13       108,224.07     0.00       0.00        0.00    12,513,274.06
 A-4    141,000,000.00  141,000,000.00    714,657.25    763,750.00     1,478,407.25     0.00       0.00        0.00   140,285,342.75
 A-6     20,800,000.00   20,800,000.00    123,535.28    108,333.33       231,868.61     0.00       0.00        0.00    20,676,464.72
 A-P        457,673.00      457,673.00      1,627.08           N/A         1,627.08     0.00       0.00        0.00       456,045.92
 A-R            100.00          100.00        100.00          0.54           100.54     0.00       0.00        0.00             0.00
  M       2,100,001.00    2,100,001.00      6,729.17     11,375.01        18,104.18     0.00       0.00        0.00     2,093,271.83
 B-1      1,365,001.00    1,365,001.00      4,373.96      7,393.76        11,767.72     0.00       0.00        0.00     1,360,627.04
 B-2        840,000.00      840,000.00      2,691.67      4,550.00         7,241.67     0.00       0.00        0.00       837,308.33
 B-3        630,000.00      630,000.00      2,018.75      3,412.50         5,431.25     0.00       0.00        0.00       627,981.25
 B-4        525,000.00      525,000.00      1,682.29      2,843.75         4,526.04     0.00       0.00        0.00       523,317.71
 B-5        315,003.39      315,003.39      1,009.38      1,706.27         2,715.65     0.00       0.00        0.00       313,994.01
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TOTAL   210,000,181.39  210,000,181.39  1,053,069.87  1,130,688.59     2,183,758.46     0.00       0.00        0.00   208,947,111.52
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         ORIGINAL                BEGINNING                                                                    ENDING
         NOTIONAL                 NOTIONAL                 INTEREST                  TOTAL                   NOTIONAL
CLASS    BALANCE                  BALANCE                DISTRIBUTION             DISTRIBUTION               BALANCE
------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
<S>  <C>              <C>                      <C>                      <C>                     <C>          
 A-5    20,800,000.00            20,800,000.00                 4,333.33                 4,333.33            20,676,464.72
 A-X   183,626,014.51           183,626,014.51                61,983.23                61,983.23           182,669,602.50
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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          5.93919615       5.41666654       994.06080385                         A-1               6.50000000%
       A-2          0.00000000       5.41666532      1000.00000000                         A-2               6.50000000%
       A-3          3.20436054       5.41666706       996.79563946                         A-3               6.50000000%
       A-4          5.06849113       5.41666667       994.93150887                         A-4               6.50000000%
       A-5                 N/A       5.20833317       994.06080385                         A-5               0.25000000%
       A-6          5.93919615       5.20833317       994.06080385                         A-6               6.25000000%
       A-P          3.55511468              N/A       996.44488532                         A-P                       N/A
       A-R       1000.00000000       5.40000000         0.00000000                         A-R               6.50000000%
       A-X                 N/A       0.33755146       994.79152225                         A-X               0.40506000%
        M           3.20436514       5.41666885       996.79563486                          M                6.50000000%
       B-1          3.20436395       5.41667002       996.79563605                         B-1               6.50000000%
       B-2          3.20436905       5.41666667       996.79563095                         B-2               6.50000000%
       B-3          3.20436508       5.41666667       996.79563492                         B-3               6.50000000%
       B-4          3.20436190       5.41666667       996.79563810                         B-4               6.50000000%
       B-5          3.20434647       5.41667187       996.79565353                         B-5               6.50000000%
-------------------------------------------------------------------------                 -------------------------------------

<PAGE>

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                                              CHASE MORTGAGE FINANCE TRUST
                             MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-S5
                                             STATEMENT TO CERTIFICATEHOLDERS
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------


DISTRIBUTION DATE:   25-Sep-98                                                                                              PAGE # 2
RECORD DATE:         31-Aug-98




<S>                   <C>                                                                                         <C>       
 SECTION 6.02 (iii)    AGGREGATE PRINCIPAL PREPAYMENT AMOUNT                                                             380,085.63
                       AGGREGATE REPURCHASE PROCEEDS AMOUNT                                                                    0.00


 SECTION 6.02 (iv)     AGGREGATE SERVICER ADVANCES                                                                             0.00



                       ENDING PRINCIPAL BALANCE OF OUTSTANDING MORTGAGE POOL                                         208,947,111.52


 SECTION 6.02 (vi)     SERVICING FEES                                                                                     54,932.37


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

                       -----------------------------------------------------------------------------------------
                                 CATEGORY                       COUNT                    AGG. PRIN. BAL.
                       -----------------------------------------------------------------------------------------
                                 1 MONTH                          0                         0.00
                                 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                       97.25%                            204,225,176.00
                                 CLASS M                        1.00%                              2,100,001.00
                                 CLASS B                        1.75%                              3,675,004.39
                       -----------------------------------------------------------------------------------------

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

                       CREDIT SUPPORT LEVEL

                                                    ------------------------------------------------------------
                                                                CLASS                    CREDIT SUPPORT
                                                    ------------------------------------------------------------
                                                                  M                           1.75%
                                                                 B-1                          1.10%
                                                                 B-2                          0.70%
                                                                 B-3                          0.40%
                                                                 B-4                          0.15%
                                                    ------------------------------------------------------------



 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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