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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-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>          
 A-1    26,000,000.00     25,642,845.39      434,242.14    138,898.75    573,140.89    0.00      0.00         0.00     25,208,603.25
 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     12,472,602.06       41,009.44     67,559.93    108,569.37    0.00      0.00         0.00     12,431,592.62
 A-4   141,000,000.00    139,374,215.95    1,847,982.60    754,943.67  2,602,926.27    0.00      0.00         0.00    137,526,233.35
 A-6    20,800,000.00     20,514,276.32      347,393.71    106,845.19    454,238.90    0.00      0.00         0.00     20,166,882.61
 A-P       457,673.00        454,455.06        3,694.05           N/A      3,694.05    0.00      0.00         0.00        450,761.01
 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      2,086,468.05        6,860.23     11,301.70     18,161.93    0.00      0.00         0.00      2,079,607.82
 B-1     1,365,001.00      1,356,204.58        4,459.16      7,346.11     11,805.27    0.00      0.00         0.00      1,351,745.42
 B-2       840,000.00        834,586.82        2,744.09      4,520.68      7,264.77    0.00      0.00         0.00        831,842.73
 B-3       630,000.00        625,940.12        2,058.07      3,390.51      5,448.58    0.00      0.00         0.00        623,882.05
 B-4       525,000.00        521,616.77        1,715.06      2,825.42      4,540.48    0.00      0.00         0.00        519,901.71
 B-5       315,003.39        312,973.43        1,029.05      1,695.27      2,724.32    0.00      0.00         0.00        311,944.38
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TOTAL  210,000,181.39    207,610,087.55    2,693,187.60  1,117,819.20  3,811,006.80    0.00      0.00         0.00    204,916,899.95
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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            20,514,276.32                 4,273.81                 4,273.81            20,166,882.61
 A-X        183,626,014.51           181,427,102.38                61,179.60                61,179.60           179,033,249.69
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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    16.70162077       5.34225962             969.56166346                           A-1               6.50000000%
 A-2     0.00000000       5.41666532            1000.00000000                           A-2               6.50000000%
 A-3     3.26677341       5.38176047             990.28897280                           A-3               6.50000000%
 A-4    13.10625957       5.35421043             975.36335709                           A-4               6.50000000%
 A-5            N/A       5.13678798             969.56166394                           A-5               0.25000000%
 A-6    16.70162067       5.13678798             969.56166394                           A-6               6.25000000%
 A-P     8.07137410              N/A             984.89753601                           A-P                       N/A
 A-R     0.00000000       0.00000000               0.00000000                           A-R               6.50000000%
 A-X            N/A       0.33317501             974.98848498                           A-X               0.40466000%
  M      3.26677463       5.38175934             990.28896653                            M                6.50000000%
 B-1     3.26678149       5.38176163             990.28895950                           B-1               6.50000000%
 B-2     3.26677381       5.38176190             990.28896429                           B-2               6.50000000%
 B-3     3.26677778       5.38176190             990.28896825                           B-3               6.50000000%
 B-4     3.26678095       5.38175238             990.28897143                           B-4               6.50000000%
 B-5     3.26679024       5.38175161             990.28896165                           B-5               6.50000000%
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DISTRIBUTION DATE:  25-Nov-98                                                                                               PAGE # 2
RECORD DATE:        31-Oct-98




<S>                <C>                                                                                           <C>         
SECTION 6.02 (iii) AGGREGATE PRINCIPAL PREPAYMENT AMOUNT                                                               2,010,515.60
                   AGGREGATE REPURCHASE PROCEEDS AMOUNT                                                                        0.00


SECTION 6.02 (iv)  AGGREGATE SERVICER ADVANCES                                                                         1,421,246.12



                   ENDING PRINCIPAL BALANCE OF OUTSTANDING MORTGAGE POOL                                             204,916,899.95


SECTION 6.02 (vi)  SERVICING FEES                                                                                         54,307.43


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

                   ------------------------------------------------------------------------------------------
                             CATEGORY                        COUNT                    AGG. PRIN. BAL.
                   ------------------------------------------------------------------------------------------
                              1 MONTH                          8                                1,941,080.86
                             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%                            201,872,297.78
                              CLASS M                        1.00%                              2,086,468.05
                              CLASS B                        1.76%                              3,651,321.72
                   ------------------------------------------------------------------------------------------

                   NON-PO CLASS A PERCENTAGE                                                                                  97.23%
                   NON-PO CLASS A PREPAYMENT PERCENTAGE                                                                      100.00%

                   CREDIT SUPPORT LEVEL

                                                 ------------------------------------------------------------
                                                             CLASS                    CREDIT SUPPORT
                                                 ------------------------------------------------------------
                                                                               ------------------------------
                                                               M                        1.75874000%
                                                              B-1                       1.10549000%
                                                              B-2                       0.70350000%
                                                              B-3                       0.40200000%
                                                              B-4                       0.15075000%
                                                 ------------------------------------------------------------



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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