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                                                                    CHASE FUNDING
                                                MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 1998-1
                                                           STATEMENT TO CERTIFICATEHOLDERS
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DISTRIBUTION DATE:  28-Dec-98                                                                                             PAGE # 1
RECORD DATE:        30-Nov-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   38,879,924.77    821,595.52    208,979.60   1,030,575.12     0.00       0.00       0.00         38,058,329.25
 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  128,076,199.07  3,036,596.39    610,771.27   3,647,367.66     0.00       0.00       0.00        125,039,602.68
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     74,525.23      74,525.23     0.00       0.00       0.00         15,105,000.00
IIM-2  10,271,000.00   10,271,000.00          0.00     52,369.89      52,369.89     0.00       0.00       0.00         10,271,000.00
 IIB    9,150,000.00    9,150,000.00          0.00     52,106.00      52,106.00     0.00       0.00       0.00          9,150,000.00
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TOTAL 350,539,000.00  338,734,123.84  3,858,191.91  1,716,642.09   5,574,834.00     0.00       0.00       0.00        334,875,931.93
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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     19.33165929        4.91716706             895.49010000                                    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     22.28514681        4.48236304             917.64776921                                   IIA-1          5.20234000%
IIA-2      0.00000000        5.08333333            1000.00000000                                   IIA-2          6.10000000%
IIM-1      0.00000000        4.93381198            1000.00000000                                   IIM-1          5.38234000%
IIM-2      0.00000000        5.09881122            1000.00000000                                   IIM-2          5.56234000%
 IIB       0.00000000        5.69464481            1000.00000000                                    IIB           6.21234000%
------------------------------------------------------------------------                            --------------------------------

(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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DISTRIBUTION DATE:    28-Dec-98                                                                                            PAGE # 2
RECORD DATE:          30-Nov-98



                                                                  ------------------------------------------------------------------
<S>                      <C>                                                                                      <C>               
SECTION 4.05 (i)                                                      GROUP 1             GROUP 2                         TOTAL
                          ----------------------------------------------------------------------------------------------------------
                          PRINCIPAL PREPAYMENT AMOUNT              407,785.41        2,367,181.54                  2,774,966.95
                          SCHEDULED PRINCIPAL AMOUNT               134,655.39          110,530.17                    245,185.56
                          EXTRA PRINCIPAL DISTRIBUTION AMOUNT      279,154.72          558,884.68                    838,039.40
                          ----------------------------------------------------------------------------------------------------------


                          ----------------------------------------------------------------------------------------------------------
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
                          -------------------------------------------------------------------------------------------------------
                          -------------------------------------------------------------------------------------------------------
                                  131,979,695.31      209,138,537.01                131,437,254.51         206,660,825.30
                          -------------------------------------------------------------------------------------------------------


SECTION 4.05 (vi)         SERVICING FEE PAID TO OR RETAINED BY THE SUBSERVICER                                           142,132.60


SECTION 4.05 (vii)        MASTER SERVICING FEE PAID TO OR RETAINED BY THE MASTER SERVICER                                  2,586.82


SECTION 4.05 (ix)         WEIGHTED AVERAGE NET MORTGAGE RATE OF THE GROUP 1 MORTGAGES                                     8.9127978%
                          WEIGHTED AVERAGE NET MORTGAGE RATE OF THE GROUP 2 MORTGAGES                                     9.0508833%


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            94            7,139,002.60              101           11,104,835.46
                                     2 Month            12            1,127,875.49              18             1,614,977.04
                                     3 Month             4              645,954.06               7               566,252.63
                                    4 Month +            1               79,725.27               1               128,061.29
                          ----------------------------------------------------------------------------------------------------------


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

                                                       -----------------------------------------------------------------------------
                                                               GROUP 1                                   GROUP 2
                                                       -----------------------------------------------------------------------------
                                                       -----------------------------------------------------------------------------
                                                        COUNT        AGG. PRIN. BAL.        COUNT                    AGG. PRIN. BAL.
                                                       -----------------------------------------------------------------------------
                                                          1             85,197.51              4                         561,436.21
                                                       -----------------------------------------------------------------------------



 (C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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DISTRIBUTION DATE:    28-Dec-98                                                                                           PAGE # 3
RECORD DATE:          30-Nov-98



                                        --------------------------------------------------------------------------------------------
<S>                          <C>                                                             
SECTION 4.05 (xiii) & (xiv)                               REO PROPERTIES
                                        --------------------------------------------------------------------------------------------
                                        --------------------------------------------------------------------------------------------
                                        DATE BECAME REO        LOAN NUMBER             GROUP NUMBER                 STATED PRIN BAL
                                        --------------------------------------------------------------------------------------------
                                        --------------------------------------------------------------------------------------------
                                        --------------------------------------------------------------------------------------------
                                                                                                                    TOTAL:        -
                                                                                                                    COUNT:        0


                                        --------------------------------------------------------------------------------------------
SECTION 4.05 (xv) & (xvi)                                                           LIQUIDATED LOANS
                                        --------------------------------------------------------------------------------------------
                                        --------------------------------------------------------------------------------------------
                                                        GROUP 1                                                     GROUP 2
                                        --------------------------------------------------------------------------------------------
                                        --------------------------------------------------------------------------------------------
                                          LOAN NUMBER       STATED PRIN. BAL.                LOAN NUMBER        STATED PRIN. BAL.
                                        --------------------------------------------------------------------------------------------
                                        --------------------------------------------------------------------------------------------
                                          TOTAL:                    -                          TOTAL:                  -
                                        --------------------------------------------------------------------------------------------
SECTION 4.05 (xvii)                         HAS A GROUP 1 TRIGGER EVENT OCCURRED?         NO
                                            HAS A GROUP 2 TRIGGER EVENT OCCURRED?         NO


SECTION 4.05 (xviii)                        CLASS IIA-1 INTEREST CARRYOVER AMOUNT          -
                                            CLASS IIM-1 INTEREST CARRYOVER AMOUNT          -
                                            CLASS IIM-2 INTEREST CARRYOVER AMOUNT          -
                                            CLASS IIB INTEREST CARRYOVER AMOUNT            -









(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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