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                                                                              CHASE FUNDING
                                                          MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 1998-1
                                                                     STATEMENT TO CERTIFICATEHOLDERS
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DISTRIBUTION DATE:  25-Nov-98                                                                                               PAGE # 1
RECORD DATE:        31-Oct-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>  
 IA-1     42,500,000.00    40,621,682.33   1,741,757.56     218,341.54   1,960,099.10     0.00      0.00       0.00    38,879,924.77
 IA-2     16,000,000.00    16,000,000.00           0.00      81,066.67      81,066.67     0.00      0.00       0.00    16,000,000.00
 IA-3     24,000,000.00    24,000,000.00           0.00     123,500.00     123,500.00     0.00      0.00       0.00    24,000,000.00
 IA-4     15,000,000.00    15,000,000.00           0.00      79,250.00      79,250.00     0.00      0.00       0.00    15,000,000.00
 IA-5     14,347,000.00    14,347,000.00           0.00      79,984.53      79,984.53     0.00      0.00       0.00    14,347,000.00
 IA-6     13,000,000.00    13,000,000.00           0.00      68,412.50      68,412.50     0.00      0.00       0.00    13,000,000.00
 IM-1      5,053,000.00     5,053,000.00           0.00      27,749.39      27,749.39     0.00      0.00       0.00     5,053,000.00
 IM-2      2,897,000.00     2,897,000.00           0.00      16,730.18      16,730.18     0.00      0.00       0.00     2,897,000.00
  IB       1,955,000.00     1,955,000.00           0.00      12,446.83      12,446.83     0.00      0.00       0.00     1,955,000.00
IIA-1    136,261,000.00   131,492,758.87   3,416,559.80     589,457.93   4,006,017.73     0.00      0.00       0.00   128,076,199.07
IIA-2     45,000,000.00    45,000,000.00           0.00     228,750.00     228,750.00     0.00      0.00       0.00    45,000,000.00
IIM-1     15,105,000.00    15,105,000.00           0.00      69,978.70      69,978.70     0.00      0.00       0.00    15,105,000.00
IIM-2     10,271,000.00    10,271,000.00           0.00      49,124.31      49,124.31     0.00      0.00       0.00    10,271,000.00
 IIB       9,150,000.00     9,150,000.00           0.00      48,719.02      48,719.02     0.00      0.00       0.00     9,150,000.00
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TOTAL    350,539,000.00   343,892,441.20   5,158,317.36   1,693,511.60   6,851,828.96     0.00      0.00       0.00   338,734,123.84
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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>
 IA-1       40.98253082               5.13744800             914.82175929                        IA-1              6.45000000%
 IA-2        0.00000000               5.06666688            1000.00000000                        IA-2              6.08000000%
 IA-3        0.00000000               5.14583333            1000.00000000                        IA-3              6.17500000%
 IA-4        0.00000000               5.28333333            1000.00000000                        IA-4              6.34000000%
 IA-5        0.00000000               5.57500035            1000.00000000                        IA-5              6.69000000%
 IA-6        0.00000000               5.26250000            1000.00000000                        IA-6              6.31500000%
 IM-1        0.00000000               5.49166634            1000.00000000                        IM-1              6.59000000%
 IM-2        0.00000000               5.77500173            1000.00000000                        IM-2              6.93000000%
  IB         0.00000000               6.36666496            1000.00000000                         IB               7.64000000%
IIA-1       25.07364396               4.32594748             939.93291602                       IIA-1              5.37938000%
IIA-2        0.00000000               5.08333333            1000.00000000                       IIA-2              6.10000000%
IIM-1        0.00000000               4.63281695            1000.00000000                       IIM-1              5.55938000%
IIM-2        0.00000000               4.78281667            1000.00000000                       IIM-2              5.73938000%
 IIB         0.00000000               5.32448306            1000.00000000                        IIB               6.38938000%
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 DISTRIBUTION DATE:  25-Nov-98                                                                                              PAGE # 2
 RECORD DATE:        31-Oct-98



                                                                                 ---------------------------------------------------
<S>                                         <C>                                                                                     
SECTION 4.05 (i)                                                                         GROUP 1           GROUP 2             TOTAL
                                            ----------------------------------------------------------------------------------------
                                            PRINCIPAL PREPAYMENT AMOUNT             1,322,905.10      2,693,217.42      4,016,122.52
                                            SCHEDULED PRINCIPAL AMOUNT                135,305.90        111,099.31        246,405.21
                                            EXTRA PRINCIPAL DISTRIBUTION AMOUNT       283,546.56        612,243.07        895,789.63
                                            ----------------------------------------------------------------------------------------


                                            ----------------------------------------------------------------------------------------
SECTION 4.05 (iii)                           CLASS     BEGINNING       ENDING            CARRYFORWARD AMT INCREASE (DECREASE)
                                            ----------------------------------------------------------------------------------------
                                             IA-1              -            -                               -
                                             IA-2              -            -                               -
                                             IA-3              -            -                               -
                                             IA-4              -            -                               -
                                             IA-5              -            -                               -
                                             IA-6              -            -                               -
                                             IM-1              -            -                               -
                                             IM-2              -            -                               -
                                              IB               -            -                               -
                                             IIA-1             -            -                               -
                                             IIA-2             -            -                               -
                                             IIM-1             -            -                               -
                                             IIM-2             -            -                               -
                                              IIB              -            -                               -
                                            ----------------------------------------------------------------------------------------
                                             TOTAL             -            -                               -
                                            ----------------------------------------------------------------------------------------


                                            ----------------------------------------------------------------------------------------
SECTION 4.05 (v)                                                               POOL STATED PRINCIPAL BALANCE
                                            ----------------------------------------------------------------------------------------
                                            ----------------------------------------------------------------------------------------
                                                           BEGINNING                                            ENDING
                                            ----------------------------------------------------------------------------------------
                                            ----------------------------------------------------------------------------------------
                                             GROUP 1                       GROUP 2               GROUP 1                  GROUP 2
                                            ----------------------------------------------------------------------------------------
                                            ----------------------------------------------------------------------------------------
                                            133,437,906.31                211,942,853.74        131,979,695.31        209,138,537.01
                                            ----------------------------------------------------------------------------------------


SECTION 4.05 (vi)                           SERVICING FEE PAID TO OR RETAINED BY THE SUBSERVICER                         143,908.65


SECTION 4.05 (vii)                          MASTER SERVICING FEE PAID TO OR RETAINED BY THE MASTER SERVICER                2,619.13


SECTION 4.05 (ix)                           WEIGHTED AVERAGE NET MORTGAGE RATE OF THE GROUP 1 MORTGAGES                   8.9122639%
                                            WEIGHTED AVERAGE NET MORTGAGE RATE OF THE GROUP 2 MORTGAGES                   9.0492677%


SECTION 4.05 (x)                            THE AMOUNT OF ADVANCES FOR GROUP 1                                                 0.00
                                            THE AMOUNT OF ADVANCES FOR GROUP 2                                                 0.00


SECTION 4.05 (xi)                           THE CUMULATIVE AMOUNT OF APPLIED REALIZED LOSS AMOUNTS FOR GROUP 1                 0.00
                                            THE CUMULATIVE AMOUNT OF APPLIED REALIZED LOSS AMOUNTS FOR GROUP 2                 0.00


SECTION 4.05 (xii) (A)                      NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS*:
                                            *EXCLUSIVE OF MORTGAGE LOANS IN FORECLOSURE

                                     -----------------------------------------------------------------------------------------------
                                     DELINQUENCY                   GROUP 1                               GROUP 2
                                                     -------------------------------------------------------------------------------
                                                     -------------------------------------------------------------------------------
                                      CATEGORY            COUNT       AGG. PRIN. BAL.          COUNT          AGG. PRIN. BAL.
                                     -----------------------------------------------------------------------------------------------
                                       1 Month             79           5,656,708.81            99            11,097,249.60
                                       2 Month              8           1,411,356.44            15             1,361,832.51
                                       3 Month              0                   0.00             5               689,815.71
                                       4 Month +            12             717,160.15             8               982,023.12
                                     -----------------------------------------------------------------------------------------------


SECTION 4.05 (xii) (B)                      NUMBER AND AGGREGATE PRINCIPAL BALANCES OF MORTGAGE LOANS IN FORECLOSURE:

                                            ----------------------------------------------------------------------------------------
                                            DELINQUENCY                   GROUP 1                                  GROUP 2
                                                               ---------------------------------------------------------------------
                                                               ---------------------------------------------------------------------
                                             CATEGORY           COUNT              AGG. PRIN. BAL.       COUNT       AGG. PRIN. BAL.
                                            ----------------------------------------------------------------------------------------
                                              1 Month             0                   0.00                 0               0.00
                                              2 Month             0                   0.00                 0               0.00
                                              3 Month             0                   0.00                 0               0.00
                                              4 Month +           0                   0.00                 0               0.00
                                            ----------------------------------------------------------------------------------------












  (C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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