SECURITIES AND EXCHANGE COMMISSION


                         Washington, D.C. 20549



                                FORM 8-K

                             CURRENT REPORT

                    Pursuant to Section 13 or 15(d)
                 of the Securities Exchange Act of 1934



   Date of Report (Date of earliest event reported) : March 25, 1996

                   Chemical Mortgage Securities, Inc.
               (Issuer in respect of Multi-Class Mortgage
                Pass-Through Certificates, Series 1996-1)
                      (Exact name of registrant as
                       specified in its charter)

     New York                      3-24654                      13-3436103
(State or other jurisdiction      (Commission File            (IRS Employer
 of incorporation ororganization)   Number)                  Identification No.)


  270 Park Avenue, New York, New York                         10017
(Address of principal executive offices)                      (Zip Code)


  Registrant's telephone number, including area code : (212) 834-5316

                                  N/A
     (Former name or former address, if changed since last report.)



                               Page 1 of 4             This report consists of
                                                  consecutively numbered pages.
 

<PAGE>
                             
Item 5. Other Events.

      On March 25, 1996, April 25, 1996, May 25, 1996, June 25, 1996, July 25,
      1996   and   August   25,   1996   distributions   were   made   to  the
      Certificateholders.   Specific   information   with   respect   to   the
      distributions  is filed as Exhibits 99.1,  99.2,  99.3,  99.4, 99.5, and
      99.6 hereto.

      No other reportable transactions or matters have occurred during the
      current reporting period.


Item 7. Financial Statements and Exhibits.

     (c)  The  following  exhibits  are  filed  as  part of this report:

        Statement to Certificateholders on March 25, 1996 filed as Exhibit 99.1
        hereto.

        Statement to Certificateholders on April 25, 1996 filed as Exhibit 99.2
        hereto.

        Statement to Certificateholders on May 25, 1996 filed as Exhibit 99.3
        hereto.

        Statement to Certificateholders on June 25, 1996 filed as Exhibit 99.4
        hereto.

        Statement to Certificateholders on July 25, 1996 filed as Exhibit 99.5
        hereto.

        Statement to Certificateholders on August 25, 1996 filed as Exhibit 
        99.6 hereto.

  
                                        
<PAGE>



SIGNATURE


Pursuant to the requirements of the Securities Exchange Act of 1934,  the
   registrant has duly caused this report to be signed on its  behalf by the
   undersigned hereunto duly authorized.

                              CHASE MANHATTAN BANK
                              (FORMERLY KNOWN AS CHEMICAL BANK),
                              AS TRUSTEE, FOR
                              MULTI-CLASS MORTGAGE PASS-THROUGH
                              CERTIFICATES, SERIES 1996-1

Date: 9/17/96                  By: /s/ Ronald Feldman
                                       Ronald Feldman
                                       Vice President



                                        
<PAGE>


INDEX TO EXHIBITS


    Exhibit
    Number          Description of Exhibits                           Page


     99.1      Monthly Certificateholder Statement on                  5
               March 25, 1996.

     99.2      Monthly Certificateholder Statement on                  8
               April 25, 1996.

     99.3      Monthly Certificateholder Statement on                  11
               May 25, 1996.

     99.4      Monthly Certificateholder Statement on                  14
               June 25, 1996.

     99.5      Monthly Certificateholder Statement on                  17
               July 25, 1996.

     99.6      Monthly Certificateholder Statement on                  20
               August 25, 1996.


<PAGE>









                            Exhibit 99.1

        Monthly Certificateholder Statement on March 25, 1996


<PAGE>
<TABLE>
<CAPTION>

CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1

DISTRIBUTION:    25-Mar-96                                                                                              PAGE # 1


            ORIGINAL        BEGINNING                                                        REALIZED   REALIZED        ENDING
            CERTIFICATE     CERTIFICATE     PRINCIPAL        INTEREST         TOTAL          LOSS       LOSS            CERTIFICATE
CLASS       BALANCE         BALANCE         DISTRIBUTION     DISTRIBUTION     DISTRIBUTION   PRINCIPAL  INTEREST        BALANCE
<S>     <C>    <C>    <C>    <C>    <C>    <C>

A-1       90,918,000.43    90,145,135.74    1,729,426.71       544,626.87     2,274,053.58        0.00      0.00     88,415,709.03
A-2       40,932,000.00    40,584,050.23       78,601.53       236,740.29     1,015,341.82        0.00      0.00     39,805,448.70
A-3       20,466,000.00    20,292,025.12      389,300.77       131,052.66       520,353.43        0.00      0.00     19,902,724.35
A-4        9,139,000.00     9,139,000.00           (0.00)       53,310.83        53,310.83        0.00      0.00      9,139,000.00
A-5        1,000,000.00     1,000,000.00           (0.00)        6,250.00         6,250.00        0.00      0.00      1,000,000.00
A-6        2,713,000.00     2,713,000.00           (0.00)       18,086.67        18,086.67        0.00      0.00      2,713,000.00
A-7       23,127,000.00    23,127,000.00           (0.00)      139,725.63       139,725.63        0.00      0.00     23,127,000.00
A-8       13,697,000.00    13,697,000.00            0.00        79,899.17        79,899.17        0.00      0.00     13,697,000.00
A-9       24,100,000.00    24,083,486.01       16,653.70       145,504.39       162,158.09        0.00      0.00     24,066,832.31
A-10                N/A              N/A             N/A         1,940.41         1,940.41        0.00      0.00               N/A
A-R              100.00             0.00            0.00             0.00             0.00        0.00      0.00              0.00
A-RL             100.00             0.00            0.00             0.00             0.00        0.00      0.00              0.00
0-1        6,013,000.00     6,008,879.73        4,155.13        36,303.65        40,458.78        0.00      0.00      6,004,724.60
B-2        3,607,000.00     3,604,528.38        2,492.53        21,777.36        24,269.89        0.00      0.00      3,602,035.85
B-3        2,406,000.00     2,404,351.34        1,662.61        14,526.29        16,188.90        0.00      0.00      2,402,688.73
B-4          962,000.00       961,340.81          664.77         5,808.10         6,472.87        0.00      0.00        960,676.04
B-5          481,000.00       480,670.41          332.38         2,904.05         3,236.43        0.00      0.00        480,338.03
B-6          962,552.00       961,892.43          665.15         5,811.43         6,476.58        0.00      0.00        961,227.28
TOTALS   240,523,752.43   239,202,360.20    2,923,955.28     1,444,267.80     4,368,223.08        0.00      0.00    236,278,404.92
</TABLE>


  FACTOR INFORMATION PER $1,000                             PASS THRU RATES


         PRINCIPAL     INTEREST       END. CERT.                     CURR PASS
CLASS  DISTRIBUTION  DISTRIBUTION      BALANCE           CLASS       THRU RATE

A-1     19.02182963    5.99030849   972.47749194          A-1          7.25%
A-2     19.02182963    5.78374597   972.47749194          A-2          7.00%
A-3     19.02182963    6.40343301   972.47749194          A-3          7.75%
A-4     -0.00000000    5.83333297  1000.00000000          A-4          7.00%
A-5     -0.00000000    6.25000000  1000.00000000          A-5          7.50%
A-6     -0.00000000    6.66666790  1000.00000000          A-6          8.00%
A-7     -0.00000000    6.04166688  1000.00000000          A-7          7.25%
A-8      0.00000000    5.83333358  1000.00000000          A-8          7.00%
A-9      0.69102490    6.03752656   998.62374730          A-9          7.25%
A-10            N/A    0.14166679            N/A          A-10         0.17%
A-R      0.00000000    0.00000000     0.00000000          A-R          7.25%
A-RL     0.00000000    0.00000000     0.00000000          A-RL         7.25%
B-1      0.69102445    6.03752702   998.62374854          B-1          7.25%
B-2      0.69102578    6.03752703   998.62374549          B-2          7.25%
B-3      0.69102660    6.03752702   998.62374480          B-3          7.25%
B-4      0.69102911    6.03752599   998.62374220          B-4          7.25%
B-5      0.69101871    6.03752599   998.62376299          B-5          7.25%
B-6      0.69102760    6.03752317   998.62374189          B-6          7.25%



IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT
THE ADMINISTRATOR LISTED BELOW:

                          STUART LANDUCCI
                          CHEMICAL BANK - STRUCTURED FINANCE SERVICES
                          450 WEST 33RD STREET, 15TH FLOOR
                          NEW YORK, NEW YORK 10001
                          (212) 946-3962



<PAGE>



CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
 SERIES 1996-1

 DISTRIBUTION:    25-Mar-96                                           PAGE # 2


SEC. 4.02 (I) (b)     PRINCIPAL PREPAYMENTS                       2,758,547.15
SEC. 4.02  (ii)       SERVICING FEE                                 151,330.13
SEC. 4.02  (iv)       CURRENT ADVANCES                                2,155.69
                      OUTSTANDING ADVANCES                            4,311.38
SEC. 4.02  (v)        ENDING NUMBER OF LOANS                               767
                      ENDING STATED PRINCIPAL BALANCE           236,278,404.92
SEC. 4.02  (vi)       SENIOR PERCENTAGE                             83.714753%
                      CLASS B PERCENTAGE                             6.099453%
                      CLASS B1 PERCENTAGE                            2.541377%
                      CLASS B2 PERCENTAGE                            1.524488%
                      CLASS B3 PERCENTAGE                            1.016889%
                      CLASS B4 PERCENTAGE                            0.406586%
                      CLASS B5 PERCENTAGE                            0.203293%
                      CLASS B6 PERCENTAGE                            0.406820%
SEC. 4.02  (vii)      ENDING RESERVE FUND BALANCE                     3,000.00
SEC. 4.02  (viii)     CLASS A-8 DISTRIBUTION DEFICIENCY                   0.00
                      PAYMENTS UNDER POLICY                               0.00
                      CLASS A-8 DISTRIBUTION                         79,899.17

SEC. 4.02  (ix)       DELINQ.& FORECLOSURES   CATEGORY   NUMBER  STAT PRIN BAL
                                              30-59 DAYS    1       297,872.62
                                              60-89 DAYS    0             0.00
                                                90+ DAYS    0             0.00
                                             FORECLOSURE    0             0.00

SEC. 4.02  (x)        RECENT REO PROPERTY  LOAN #   STAT PRIN BAL  DATE OF ACQ.
                                            N/A              0.00          N/A

SEC. 4.02  (xi)       BOOK VALUE OF REO PROPERTY                          0.00
EC. 4.02  (xii)       REMAINING SPECIAL HAZARD AMOUNT             3,714,454.00
                      REMAINING FRAUD LOSS AMOUNT                 4,810,475.00
                      REMAINING BANKRUPTCY AMOUNT                   100,000.00

                       CLASS    UNPAID INTEREST        CLASS    UNPAID INTEREST
SEC. 4.02  (xiii)     CLASS A-1       0.00           CLASS A-10          0.00
                      CLASS A-2       0.00           CLASS A-R           0.00
                      CLASS A-3       0.00           CLASS A-RL          0.00
                      CLASS A-4       0.00           CLASS B-1           0.00
                      CLASS A-5       0.00           CLASS B-2           0.00
                      CLASS A-6       0.00           CLASS B-3           0.00
                      CLASS A-7       0.00           CLASS B-4           0.00
                      CLASS A-8       0.00           CLASS B-5           0.00
                      CLASS A-9       0.00           CLASS B-6           0.00

SEC. 4.02  (xiv)      SENIOR PREPAYMENT PERCENTAGE                 100.000000%
                      B1 PREPAYMENT DISTRIBUTION PERCENTAGE          0.000000%
                      B2 PREPAYMENT DISTRIBUTION PERCENTAGE          0.000000%
                      B3 PREPAYMENT DISTRIBUTION PERCENTAGE          0.000000%
                      B4 PREPAYMENT DISTRIBUTION PERCENTAGE          0.000000%
                      B5 PREPAYMENT DISTRIBUTION PERCENTAGE          0.000000%
                      B6 PREPAYMENT DISTRIBUTION PERCENTAGE          0.000000%

SEC. 4.02  (xvi)      RECOVERIES ON FORECLOSURES                          0.00
    SEC. 4.02  (xvii) WEIGHTED AVERAGE REMAINING TERM                      355
    SEC. 4.02  (xviii)ENDING WEIGHTED AVERAGE MORTGAGE RATE          8.004635%
    SEC. 4.02  (xix)  GROUP I SENIOR OPTIMAL PRINCIPAL AMOUNT     2,897,329.01
                      GROUP II SENIOR OPTIMAL PRINCIPAL AMOUNT       16,653.70
                      SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT       9,972.57
                      POOL BALANCE                              236,278,404.92


<PAGE>



                           Exhibit 99.2


        Monthly Certificateholder Statement on April 25, 1996


<PAGE>


<TABLE>
<CAPTION>

CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1

DISTRIBUTION:    25-Apr-96                                                                                                PAGE # 1


             ORIGINAL         BEGINNING                                                    REALIZED    REALIZED        ENDING
             CERTIFICATE      CERTIFICATE    PRINCIPAL      INTEREST       TOTAL           LOSS        LOSS            CERTIFICATE
CLASS        BALANCE          BALANCE        DISTRIBUTION   DISTRIBUTION   DISTRIBUTION    PRINCIPAL   INTEREST        BALANCE
<S>     <C>    <C>    <C>    <C>    <C>    <C>

A-1        90,918,000.43    88,415,709.03    1,973,577.76    534,178.25    2,507,756.01        0.00       0.00       86,442,131.27
A-2        40,932,000.00    39,805,448.70      888,520.25    232,198.45    1,120,718.70        0.00       0.00       38,916,928.45
A-3        20,466,000.00    19,902,724.35      444,260.13    128,538.43      572,798.56        0.00       0.00       19,458,464.22
A-4         9,139,000.00     9,139,000.00            0.00     53,310.83       53,310.83        0.00       0.00        9,139,000.00
A-5         1,000,000.00     1,000,000.00            0.00      6,250.00        6,250.00        0.00       0.00        1,000,000.00
A-6         2,713,000.00     2,713,000.00            0.00     18,086.67       18,086.67        0.00       0.00        2,713,000.00
A-7        23,127,000.00    23,127,000.00            0.00    139,725.63      139,725.63        0.00       0.00       23,127,000.00
A-8        13,697,000.00    13,697,000.00            0.00     79,899.17       79,899.17        0.00       0.00       13,697,000.00
A-9        24,100,000.00    24,066,832.31       16,839.68    145,403.78      162,243.46        0.00       0.00       24,049,992.63
A-10                 N/A              N/A             N/A      1,940.41        1,940.41        0.00       0.00                 N/A
A-R               100.00             0.00            0.00          0.00            0.00        0.00       0.00                0.00
A-RL              100.00             0.00            0.00          0.00            0.00        0.00       0.00                0.00
B-1         6,013,000.00     6,004,724.60        4,201.54     36,278.54       40,480.08        0.00       0.00        6,000,523.06
B-2         3,607,000.00     3,602,035.85        2,520.36     21,762.30       24,282.66        0.00       0.00        3,599,515.49
B-3         2,406,000.00     2,402,688.73        1,681.17     14,516.24       16,197.41        0.00       0.00        2,401,007.56
B-4            962,000.00      960,676.04          672.19      5,804.08        6,476.27        0.00       0.00          960,003.85
B-5            481,000.00      480,338.03          336.09      2,902.04        3,238.13        0.00       0.00          480,001.94
B-6            962,552.00      961,227.28          672.58      5,807.41        6,479.99        0.00       0.00          960,554.70
   TOTALS  240,523,752.43  236,278,404.92    3,333,281.75  1,426,602.23    4,759,883.98        0.00       0.00      232,945,123.17
</TABLE>


  FACTOR INFORMATION PER $1,000                           PASS THRU RATES

         PRINCIPAL      INTEREST       END. CERT.                     CURR PASS
CLASS    DISTRIBUTION   DISTRIBUTION   BALANCE              CLASS     THRU RATE

A-1      21.70722794    5.87538493     950.77026400          A-1        7.25% 
A-2      21.70722794    5.67278535     950.77026400          A-2        7.00%
A-3      21.70722794    6.28058390     950.77026400          A-3        7.75%
A-4       0.00000000    5.83333297    1000.00000000          A-4        7.00%
A-5       0.00000000    6.25000000    1000.00000000          A-5        7.50%
A-6       0.00000000    6.66666790    1000.00000000          A-6        8.00%
A-7       0.00000000    6.04166688    1000.00000000          A-7        7.25%
A-8       0.00000000    5.83333358    1000.00000000          A-8        7.00%
A-9       0.69874191    6.03335187     997.92500539          A-9        7.25%
A-10             N/A    0.14166679              N/A          A-10       0.17%
A-R       0.00000000    0.00000000       0.00000000          A-R        7.25%
A-RL      0.00000000    0.00000000       0.00000000          A-RL       7.25%
B-1       0.69874272    6.03335107     997.92500582          B-1        7.25%
B-2       0.69874134    6.03335182     997.92500416          B-2        7.25%
B-3       0.69874065    6.03334996     997.92500416          B-3        7.25%
B-4       0.69874220    6.03334719     997.92500000          B-4        7.25%
B-5       0.69873181    6.03334719     997.92503119          B-5        7.25%
B-6       0.69874667    6.03334677     997.92499522          B-6        7.25%


IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT
   THE ADMINISTRATOR LISTED BELOW:

 
                           EILEEN ROONEY
                           CHEMICAL BANK - STRUCTURED FINANCE SERVICES
                           450 WEST 33RD STREET, 15TH FLOOR
                           NEW YORK, NEW YORK 10001
                           (212)946-3185


<PAGE>



CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1

DISTRIBUTION:   25-Apr-96                                            PAGE # 2


SEC. 4.02 (i) (b) PRINCIPAL PREPAYMENTS                           3,167,956.55
SEC. 4.02 (ii)    SERVICING FEE                                     148,586.66
SEC. 4.02 (iv)    CURRENT ADVANCES                                        0.00
                  OUTSTANDING ADVANCES                                    0.00

SEC. 4.02 (v)     ENDING NUMBER OF LOANS                                   758
                  ENDING STATED PRINCIPAL BALANCE               232,945,123.17

SEC. 4.02 (vi)    SENIOR PERCENTAGE                                 83.493280%
                  CLASS B PERCENTAGE                                 6.182403%
                  CLASS B1 PERCENTAGE                                2.575938%
                  CLASS B2 PERCENTAGE                                1.545220%
                  CLASS B3 PERCENTAGE                                1.030718%
                  CLASS B4 PERCENTAGE                                0.412116%
                  CLASS B5 PERCENTAGE                                0.206058%
                  CLASS B6 PERCENTAGE                                0.412352%

SEC. 4.02 (vii)   ENDING RESERVE FUND BALANCE                         3,000.00

SEC. 4.02 (viii)  CLASS A-8 DISTRIBUTION DEFICIENCY                       0.00
                  PAYMENTS UNDER POLICY                                   0.00
                  CLASS A-8 DISTRIBUTION                             79,899.17

SEC. 4.02 (ix)    DELINQ. & FORECLOSURES     CATEGORY NUMBER     STAT PRIN BAL
                       30-59 DAYS                   0                     0.00
                       60-89 DAYS                   0                     0.00
                       90+ DAYS                     0                     0.00
                       FORECLOSURE                  0                     0.00

SEC. 4.02 (x)     RECENT REO PROPERTY    LOAN #   STAT PRIN BAL    DATE OF ACQ.
                           N/A                         0.00            N/A

SEC. 4.02 (xi)    BOOK VALUE OF REO PROPERTY                              0.00

SEC. 4.02 (xii)   REMAINING SPECIAL HAZARD AMOUNT                 3,714,454.00
                  REMAINING FRAUD LOSS AMOUNT                     4,810,475.00
                  REMAINING BANKRUPTCY AMOUNT                       100,000.00

                   CLASS    UNPAID INTEREST          CLASS      UNPAID INTEREST
SEC. 4.02 (xiii)   CLASS A-1           0.00          CLASS A-10           0.00
                   CLASS A-2           0.00          CLASS A-R            0.00
                   CLASS A-3           0.00          CLASS A-RL           0.00
                   CLASS A-4           0.00          CLASS B-1            0.00
                   CLASS A-5           0.00          CLASS B-2            0.00
                   CLASS A-6           0.00          CLASS B-3            0.00
                   CLASS A-7           0.00          CLASS B-4            0.00
                   CLASS A-8           0.00          CLASS B-5            0.00
                   CLASS A-9           0.00          CLASS B-6            0.00

SEC. 4.02 (xiv)   SENIOR PREPAYMENT PERCENTAGE                     100.000000%
                   B1 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                   B2 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                   B3 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                   B4 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                   B5 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                   B6 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%

SEC. 4.02 (xvi)   RECOVERIES ON FORECLOSURES                              0.00
SEC. 4.02 (xvii)  WEIGHTED AVERAGE REMAINING TERM                          354
SEC. 4.02 (xviii) ENDING WEIGHTED AVERAGE MORTGAGE RATE              7.997771%
SEC. 4.02 (xix)   GROUP I SENIOR OPTIMAL PRINCIPAL AMOUNT         3,306,358.14
                  GROUP II SENIOR OPTIMAL PRINCIPAL AMOUNT           16,839.68
                  SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT          10,083.93
                  POOL BALANCE                                  232,945,123.17



<PAGE>



                            Exhibit 99.3


         Monthly Certificateholder Statement on May 25, 1996


<PAGE>


<TABLE>
<CAPTION>

CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1

DISTRIBUTION:   25-May-96                                              PAGE # 1


             ORIGINAL         BEGINNING                                                       REALIZED   REALIZED      ENDING
             CERTIFICATE      CERTIFICATE    PRINCIPAL      INTEREST         TOTAL            LOSS       LOSS          CERTIFICATE
CLASS        BALANCE          BALANCE        DISTRIBUTION   DISTRIBUTION     DISTRIBUTION     PRINCIPAL  INTEREST      BALANCE
<S>     <C>    <C>    <C>    <C>    <C>    <C>
A-1        90,918,000.43    86,442,131.27      363,835.56     522,254.54       886,090.10          0.00      0.00     86,078,295.71
A-2        40,932,000.00    38,916,928.45      163,801.63     227,015.42       390,817.05          0.00      0.00     38,753,126.81
A-3        20,466,000.00    19,458,464.22       81,900.82     125,669.25       207,570.07          0.00      0.00     19,376,563.41
A-4         9,139,000.00     9,139,000.00            0.00      53,310.83        53,310.83          0.00      0.00      9,139,000.00
A-5         1,000,000.00     1,000,000.00            0.00       6,250.00         6,250.00          0.00      0.00      1,000,000.00
A-6         2,713,000.00     2,713,000.00            0.00      18,086.67        18,086.67          0.00      0.00      2,713,000.00
A-7        23,127,000.00    23,127,000.00            0.00     139,725.63       139,725.63          0.00      0.00     23,127,000.00
A-8        13,697,000.00    13,697,000.00            0.00      79,899.17        79,899.17          0.00      0.00     13,697,000.00
A-9        24,100,000.00    24,049,992.63       17,033.22     145,302.04       162,335.26          0.00      0.00     24,032,959.41
A-10                 N/A              N/A             N/A       1,940.41         1,940.41          0.00      0.00               N/A
A-R               100.00             0.00            0.00           0.00             0.00          0.00      0.00              0.00
A-RL              100.00             0.00            0.00           0.00             0.00          0.00      0.00              0.00
B-1         6,013,000.00     6,000,523.06        4,249.82      36,253.16        40,502.98          0.00      0.00      5,996,273.24
B-2         3,607,000.00     3,599,515.49        2,549.33      21,747.07        24,296.40          0.00      0.00      3,596,966.16
B-3         2,406,000.00     2,401,007.56        1,700.49      14,506.09        16,206.58          0.00      0.00      2,399,307.07
B-4           962,000.00       960,003.85          679.92       5,800.02         6,479.94          0.00      0.00        959,323.93
B-5           481,000.00       480,001.94          339.96       2,900.01         3,239.97          0.00      0.00        479,661.98
B-6           962,552.00       960,554.70          680.31       5,803.35         6,483.66          0.00      0.00        959,874.39
TOTALS    240,523,752.43   232,945,123.17      636,771.06   1,406,463.66     2,043,234.72          0.00      0.00    232,308,352.11
</TABLE>


    FACTOR INFORMATION PER $1,000                            PASS THRU RATES

          PRINCIPAL      INTEREST         END. CERT.                  CURR PASS
CLASS     DISTRIBUTION   DISTRIBUTION     BALANCE            CLASS    THRU RATE

A-1         4.00179895     5.74423698   946.76846505          A-1         7.25%
A-2         4.00179895     5.54615997   946.76846505          A-2         7.00%
A-3         4.00179895     6.14039138   946.76846505          A-3         7.75%
A-4         0.00000000     5.83333297  1000.00000000          A-4         7.00%
A-5         0.00000000     6.25000000  1000.00000000          A-5         7.50%
A-6         0.00000000     6.66666790  1000.00000000          A-6         8.00%
A-7         0.00000000     6.04166688  1000.00000000          A-7         7.25%
A-8         0.00000000     5.83333358  1000.00000000          A-8         7.00%
A-9         0.70677261     6.02913029   997.21823278          A-9         7.25%
A-10               N/A     0.14166679            N/A          A-10        0.17%
A-R         0.00000000     0.00000000     0.00000000          A-R         7.25%
A-RL        0.00000000     0.00000000     0.00000000          A-RL        7.25%
B-1         0.70677199     6.02913022   997.21823383          B-1         7.25%
B-2         0.70677294     6.02912947   997.21823122          B-2         7.25%
B-3         0.70677057     6.02913134   997.21823358          B-3         7.25%
B-4         0.70677755     6.02912682   997.21822245          B-4         7.25%
B-5         0.70677755     6.02912682   997.21825364          B-5         7.25%
B-6         0.70677740     6.02912882   997.21821782          B-6         7.25%

IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT
  THE ADMINISTRATOR LISTED BELOW:

                                EILEEN ROONEY
                                CHEMICAL BANK - STRUCTURED FINANCE SERVICES
                                450 WEST 33RD STREET, 15TH FLOOR
                                NEW YORK, NEW YORK 10001
                                (212) 946-3185


<PAGE>



CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1

DISTRIBUTION:   25-May-96                                             PAGE # 2


SEC. 4.02 (i) (b)    PRINCIPAL PREPAYMENTS                           471,789.53
SEC. 4.02 (ii)       SERVICING FEE                                   145,158.08

SEC. 4.02 (iv)       CURRENT ADVANCES                                      0.00
                     OUTSTANDING ADVANCES                                  0.00

SEC. 4.02 (v)        ENDING NUMBER OF LOANS                                 756
                     ENDING STATED PRINCIPAL BALANCE             232,308,352.11

SEC. 4.02 (vi)       SENIOR PERCENTAGE                               83.459757%
                     CLASS B PERCENTAGE                               6.194959%
                     CLASS B1 PERCENTAGE                              2.581170%
                     CLASS B2 PERCENTAGE                              1.548359%
                     CLASS B3 PERCENTAGE                              1.032811%
                     CLASS B4 PERCENTAGE                              0.412953%
                     CLASS B5 PERCENTAGE                              0.206476%
                     CLASS B6 PERCENTAGE                              0.413190%

SEC. 4.02 (vii)      ENDING RESERVE FUND BALANCE                       3,000.00
SEC. 4.02 (viii)     CLASS A-8 DISTRIBUTION DEFICIENCY                     0.00
                     PAYMENTS UNDER POLICY                                 0.00
                     CLASS A-8 DISTRIBUTION                           79,899.17

SEC. 4.02 (ix)       DELINQ.& FORECLOSURES    CATEGORY NUMBER     STAT PRIN BAL
                          30-59 DAYS                 0                     0.00
                          60-89 DAYS                 0                     0.00
                          90+ DAYS                   0                     0.00
                          FORECLOSURE                0                     0.00

SEC. 4.02 (x)        RECENT REO PROPERTY  LOAN #    STAT PRIN BAL   DATE OF ACQ.
                               N/A                        0.00            N/A

SEC. 4.02 (xi)        BOOK VALUE OF REO PROPERTY                           0.00
SEC. 4.02 (xii)       REMAINING SPECIAL HAZARD AMOUNT              3,714,454.00
                      REMAINING FRAUD LOSS AMOUNT                  4,810,475.00
                      REMAINING BANKRUPTCY AMOUNT                    100,000.00

                      CLASS    UNPAID INTEREST       CLASS     UNPAID INTEREST
SEC. 4.02 (xiii)      CLASS A-1           0.00       CLASS A-10           0.00
                      CLASS A-2           0.00       CLASS A-R            0.00
                      CLASS A-3           0.00       CLASS A-RL           0.00
                      CLASS A-4           0.00       CLASS B-1            0.00
                      CLASS A-5           0.00       CLASS B-2            0.00
                      CLASS A-6           0.00       CLASS B-3            0.00
                      CLASS A-7           0.00       CLASS B-4            0.00
                      CLASS A-8           0.00       CLASS B-5            0.00
                      CLASS A-9           0.00       CLASS B-6            0.00

SEC. 4.02 (xiv)       SENIOR PREPAYMENT PERCENTAGE                  100.000000%
                      B1 PREPAYMENT DISTRIBUTION PERCENTAGE           0.000000%
                      B2 PREPAYMENT DISTRIBUTION PERCENTAGE           0.000000%
                      B3 PREPAYMENT DISTRIBUTION PERCENTAGE           0.000000%
                      B4 PREPAYMENT DISTRIBUTION PERCENTAGE           0.000000%
                      B5 PREPAYMENT DISTRIBUTION PERCENTAGE           0.000000%
                      B6 PREPAYMENT DISTRIBUTION PERCENTAGE           0.000000%

SEC. 4.02 (xvi)   RECOVERIES ON FORECLOSURES                               0.00

SEC. 4.02 (xvii)  WEIGHTED AVERAGE REMAINING TERM                           353

SEC. 4.02 (xviii) ENDING WEIGHTED AVERAGE MORTGAGE RATE               7.997558%

SEC. 4.02 (xix)   GROUP I SENIOR OPTIMAL PRINCIPAL AMOUNT            609,538.01
                  GROUP II SENIOR OPTIMAL PRINCIPAL AMOUNT            17,033.22
                  SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT           10,199.83
                  POOL BALANCE                                   232,308,352.11


<PAGE>



                            Exhibit 99.4


       Monthly Certificateholder Statement on June 25, 1996


<PAGE>


<TABLE>
<CAPTION>

CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
 SERIES 1996-1

DISTRIBUTION:  25-Jun-96                                               PAGE # 1


            ORIGINAL         BEGINNING                                                         REALIZED   REALIZED       ENDING   
            CERTIFICATE      CERTIFICATE      PRINCIPAL        INTEREST         TOTAL          LOSS       LOSS           CERTIFICATE
CLASS       BALANCE          BALANCE          DISTRIBUTION     DISTRIBUTION     DISTRIBUTION   PRINCIPAL  INTEREST       BALANCE
<S>     <C>    <C>    <C>    <C>    <C>    <C>

A-1       90,918,000.43    86,078,295.71        164,989.53       520,056.36       685,045.89        0.00      0.00    85,913,306.18
A-2       40,932,000.00    38,753,126.81         74,279.59       226,059.91       300,339.50        0.00      0.00    38,678,847.22
A-3       20,466,000.00    19,376,563.41         37,139.79       125,140.31       162,280.10        0.00      0.00    19,339,423.62
A-4        9,139,000.00     9,139,000.00              0.00        53,310.83        53,310.83        0.00      0.00     9,139,000.00
A-5        1,000,000.00     1,000,000.00              0.00         6,250.00         6,250.00        0.00      0.00     1,000,000.00
A-6        2,713,000.00     2,713,000.00              0.00        18,086.67        18,086.67        0.00      0.00     2,713,000.00
A-7       23,127,000.00    23,127,000.00              0.00       139,725.63       139,725.63        0.00      0.00    23,127,000.00
A-8       13,697,000.00    13,697,000.00              0.00        79,899.17        79,899.17        0.00      0.00    13,697,000.00
A-9       24,100,000.00    24,032,959.41         17,168.52       145,199.13       162,367.65        0.00      0.00    24,015,790.89
A-10                N/A              N/A               N/A         1,940.41         1,940.41        0.00      0.00              N/A
A-R              100.00             0.00              0.00             0.00             0.00        0.00      0.00             0.00
A-RL             100.00             0.00              0.00             0.00             0.00        0.00      0.00             0.00
B-1        6,013,000.00     5,996,273.24          4,283.58        36,227.48        40,511.06        0.00      0.00     5,991,989.66
B-2        3,607,000.00     3,596,966.16          2,569.58        21,731.67        24,301.25        0.00      0.00     3,594,396.58
B-3        2,406,000.00     2,399,307.07          1,714.00        14,495.81        16,209.81        0.00      0.00     2,397,593.07
B-4          962,000.00       959,323.93            685.32         5,795.92         6,481.24        0.00      0.00       958,638.61
B-5          481,000.00       479,661.98            342.66         2,897.96         3,240.62        0.00      0.00       479,319.32
B-6          962,552.00       959,874.39            685.71         5,799.24         6,484.95        0.00      0.00       959,188.68
TOTALS   240,523,752.43   232,308,352.11        303,858.28     1,402,616.50     1,706,474.78        0.00      0.00   232,004,493.83
</TABLE>


      FACTOR INFORMATION PER $1,000                         PASS THRU RATES

         PRINCIPAL       INTEREST          END.CERT.                  CURR PASS
CLASS    DISTRIBUTION    DISTRIBUTION      BALANCE          CLASS     THRU RATE

A-1        1.81470699      5.72005937   944.95375804         A-1          7.25%
A-2        1.81470699      5.52281613   944.95375803         A-2          7.00%
A-3        1.81470699      6.11454657   944.95375827         A-3          7.75%
A-4        0.00000000      5.83333297  1000.00000000         A-4          7.00%
A-5        0.00000000      6.25000000  1000.00000000         A-5          7.50%
A-6        0.00000000      6.66666790  1000.00000000         A-6          8.00%
A-7        0.00000000      6.04166688  1000.00000000         A-7          7.25%
A-8        0.00000000      5.83333358  1000.00000000         A-8          7.00%
A-9        0.71238672      6.02486017   996.50584606         A-9          7.25%
A-10              N/A      0.14166679            N/A         A-10         0.17%
A-R        0.00000000      0.00000000     0.00000000         A-R          7.25%
A-RL       0.00000000      0.00000000     0.00000000         A-RL         7.25%
B-1        0.71238650      6.02485947   996.50584733         B-1          7.25%
B-2        0.71238703      6.02485999   996.50584419         B-2          7.25%
B-3        0.71238570      6.02485869   996.50584788         B-3          7.25%
B-4        0.71239085      6.02486486   996.50583160         B-4          7.25%
B-5        0.71239085      6.02486486   996.50586279         B-5          7.25%
B-6        0.71238749      6.02485892   996.50583033         B-6          7.25%

IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT
   THE ADMINISTRATOR LISTED BELOW:
 
                              EILEEN ROONEY
                              CHEMICAL BANK - STRUCTURED FINANCE SERVICES
                              450 WEST 33RD STREET, 15TH FLOOR
                              NEW YORK, NEW YORK 10001
                              (212) 946-3185




<PAGE>



CHEMICAL MORTGAGE SECURITIES, INC.

MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1

DISTRIBUTION:  25-Jun-96                                              PAGE # 2




SEC. 4.02 (i) (b)   PRINCIPAL PREPAYMENTS                            137,903.25

SEC. 4.02 (ii)      SERVICING FEE                                    144,720.02

SEC. 4.02 (iv)      CURRENT ADVANCES                                   5,337.69
                    OUTSTANDING ADVANCES                              10,675.38

SEC. 4.02 (v)       ENDING NUMBER OF LOANS                                  756
                    ENDING STATED PRINCIPAL BALANCE              232,004,493.83

SEC. 4.02 (vi)      SENIOR PERCENTAGE                                83.449925%
                    CLASS B PERCENTAGE                                6.198641%
                    CLASS B1 PERCENTAGE                               2.582704%
                    CLASS B2 PERCENTAGE                               1.549279%
                    CLASS B3 PERCENTAGE                               1.033425%
                    CLASS B4 PERCENTAGE                               0.413198%
                    CLASS B5 PERCENTAGE                               0.206599%
                    CLASS B6 PERCENTAGE                               0.413435%

SEC. 4.02 (vii)   ENDING RESERVE FUND BALANCE                          3,000.00

SEC. 4.02 (viii)  CLASS A-8 DISTRIBUTION DEFICIENCY                        0.00
                  PAYMENTS UNDER POLICY                                    0.00
                  CLASS A-8 DISTRIBUTION                              79,899.17

SEC. 4.02 (ix)    DELINQ.& FORECLOSURES   CATEGORY NUMBER        STAT PRIN BAL
                      30-59 DAYS                 3                  704,950.81
                      60-89 DAYS                 0                        0.00
                      90+ DAYS                   0                        0.00
                      FORECLOSURE                0                        0.00

SEC. 4.02 (x)     RECENT REO PROPERTY    LOAN #    STAT PRIN BAL    DATE OF ACQ.
                           N/A                           0.00            N/A

SEC. 4.02 (xi)    BOOK VALUE OF REO PROPERTY                               0.00

SEC. 4.02 (xii)   REMAINING SPECIAL HAZARD AMOUNT                  3,714,454.00
                  REMAINING FRAUD LOSS AMOUNT                      4,810,475.00
                  REMAINING BANKRUPTCY AMOUNT                        100,000.00

                  CLASS      UNPAID INTEREST          CLASS     UNPAID INTEREST
SEC. 4.02 (xiii)  CLASS A-1             0.00          CLASS A-10           0.00
                  CLASS A-2             0.00          CLASS A-R            0.00
                  CLASS A-3             0.00          CLASS A-RL           0.00
                  CLASS A-4             0.00          CLASS B-1            0.00
                  CLASS A-5             0.00          CLASS B-2            0.00
                  CLASS A-6             0.00          CLASS B-3            0.00
                  CLASS A-7             0.00          CLASS B-4            0.00
                  CLASS A-8             0.00          CLASS B-5            0.00
                  CLASS A-9             0.00          CLASS B-6            0.00

SEC. 4.02 (xiv)   SENIOR PREPAYMENT PERCENTAGE                      100.000000%
                  B1 PREPAYMENT DISTRIBUTION PERCENTAGE               0.000000%
                  B2 PREPAYMENT DISTRIBUTION PERCENTAGE               0.000000%
                  B3 PREPAYMENT DISTRIBUTION PERCENTAGE               0.000000%
                  B4 PREPAYMENT DISTRIBUTION PERCENTAGE               0.000000%
                  B5 PREPAYMENT DISTRIBUTION PERCENTAGE               0.000000%
                  B6 PREPAYMENT DISTRIBUTION PERCENTAGE               0.000000%

SEC. 4.02 (xvi)   RECOVERIES ON FORECLOSURES                               0.00

SEC. 4.02 (xvii)  WEIGHTED AVERAGE REMAINING TERM                           352

SEC. 4.02 (xviii) ENDING WEIGHTED AVERAGE MORTGAGE RATE               7.997478%

SEC. 4.02 (xix)   GROUP I SENIOR OPTIMAL PRINCIPAL AMOUNT            276,408.91
                  GROUP II SENIOR OPTIMAL PRINCIPAL AMOUNT            17,168.52
                  SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT           10,280.85
                  POOL BALANCE                                   232,004,493.83


<PAGE>



                            Exhibit 99.5


        Monthly Certificateholder Statement on July 25, 1996


<PAGE>

<TABLE>
<CAPTION>


CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
 SERIES 1996-1

DISTRIBUTION:  25-Jul-96                                              PAGE # 1



             ORIGINAL           BEGINNING                                                      REALIZED   REALIZED      ENDING
             CERTIFICATE        CERTIFICATE      PRINCIPAL       INTEREST        TOTAL         LOSS       LOSS          CERTIFICATE
CLASS        BALANCE            BALANCE          DISTRIBUTION    DISTRIBUTION    DISTRIBUTION  PRINCIPAL  INTEREST      BALANCE    
<S>     <C>    <C>    <C>    <C>    <C>    <C>

A-1        90,918,000.43       85,913,306.18       116,960.31      519,059.56      636,019.87      0.00       0.00    85,796,345.87
A-2        40,932,000.00       38,678,847.22        52,656.46      225,626.61      278,283.07      0.00       0.00    38,626,190.76
A-3        20,466,000.00       19,339,423.62        26,328.23      124,900.44      151,228.67      0.00       0.00    19,313,095.39
A-4         9,139,000.00        9,139,000.00             0.00       53,310.83       53,310.83      0.00       0.00     9,139,000.00
A-5         1,000,000.00        1,000,000.00             0.00        6,250.00        6,250.00      0.00       0.00     1,000,000.00
A-6         2,713,000.00        2,713,000.00             0.00       18,086.67       18,086.67      0.00       0.00     2,713,000.00
A-7        23,127,000.00       23,127,000.00             0.00      139,725.63      139,725.63      0.00       0.00    23,127,000.00
A-8        13,697,000.00       13,697,000.00             0.00       79,899.17       79,899.17      0.00       0.00    13,697,000.00
A-9        24,100,000.00       24,015,790.89        17,389.95      145,095.40      162,485.35      0.00       0.00    23,998,400.94
A-10                 N/A                 N/A              N/A        1,940.41        1,940.41      0.00       0.00              N/A
A-R               100.00                0.00             0.00            0.00            0.00      0.00       0.00             0.00
A-RL              100.00                0.00             0.00            0.00            0.00      0.00       0.00             0.00
B-1         6,013,000.00        5,991,989.66         4,338.83       36,201.60       40,540.43      0.00       0.00     5,987,650.83
B-2         3,607,000.00        3,594,396.58         2,602.72       21,716.15       24,318.87      0.00       0.00     3,591,793.86
B-3         2,406,000.00        2,397,593.07         1,736.11       14,485.46       16,221.57      0.00       0.00     2,395,856.96
B-4           962,000.00          958,638.61           694.15        5,791.77        6,485.92      0.00       0.00       957,944.46
B-5           481,000.00          479,319.32           347.08        2,895.89        3,242.97      0.00       0.00       478,972.24
B-6           962,552.00          959,188.68           694.55        5,795.10        6,489.65      0.00       0.00       958,494.13
TOTALS    240,523,752.43      232,004,493.83       223,748.39    1,400,780.69    1,624,529.08      0.00       0.00   231,780,745.44
</TABLE>


    FACTOR INFORMATION PER $1,000                      PASS THRU RATES

         PRINCIPAL     INTEREST        END. CERT                      CURR PASS
CLASS    DISTRIBUTION  DISTRIBUTION    BALANCE            CLASS       THRU RATE

A-1        1.28643733    5.70909564   943.66732070          A-1          7.25%
A-2        1.28643751    5.51223028   943.66732052          A-2          7.00%
A-3        1.28643751    6.10282615   943.66732077          A-3          7.75%
A-4        0.00000000    5.83333297  1000.00000000          A-4          7.00%
A-5        0.00000000    6.25000000  1000.00000000          A-5          7.50%
A-6        0.00000000    6.66666790  1000.00000000          A-6          8.00%
A-7        0.00000000    6.04166688  1000.00000000          A-7          7.25%
A-8        0.00000000    5.83333358  1000.00000000          A-8          7.00%
A-9        0.72157469    6.02055602   995.78427137          A-9          7.25%
A-10              N/A    0.14166679            N/A          A-10         0.17%
A-R        0.00000000    0.00000000     0.00000000          A-R          7.25%
A-RL       0.00000000    0.00000000     0.00000000          A-RL         7.25%
B-1        0.72157492    6.02055546   995.78427241          B-1          7.25%
B-2        0.72157472    6.02055725   995.78426948          B-2          7.25%
B-3        0.72157523    6.02055694   995.78427265          B-3          7.25%
B-4        0.72156965    6.02055094   995.78426195          B-4          7.25%
B-5        0.72158004    6.02056133   995.78428274          B-5          7.25%
B-6        0.72157141    6.02055785   995.78425893          B-6         7.25%



IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT
     THE ADMINISTRATOR LISTED BELOW:

                            DIANE WALLACE
                            CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
                            450 WEST 33RD STREET, 15TH FLOOR
                            NEW YORK, NEW YORK 10001
                            (212) 946-8583




<PAGE>



CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
  SERIES 1996-1

DISTRIBUTION:  25-Jul-96                                            PAGE #  2


SEC. 4.02 (i) (b)   PRINCIPAL PREPAYMENTS                             55,752.80

SEC. 4.02 (ii)      SERVICING FEE                                    144,515.24

SEC. 4.02 (iv)      CURRENT ADVANCES                                   1,787.72
                    OUTSTANDING ADVANCES                               3,575.44

SEC. 4.02 (v)       ENDING NUMBER OF LOANS                                  756
                    ENDING STATED PRINCIPAL BALANCE              231,780,745.44

SEC. 4.02 (vi)      SENIOR PERCENTAGE                                83.445944%
                    CLASS B PERCENTAGE                                6.200132%
                    CLASS B1 PERCENTAGE                               2.583325%
                    CLASS B2 PERCENTAGE                               1.549652%
                    CLASS B3 PERCENTAGE                               1.033674%
                    CLASS B4 PERCENTAGE                               0.413298%
                    CLASS B5 PERCENTAGE                               0.206649%
                    CLASS B6 PERCENTAGE                               0.413535%

SEC. 4.02 (vii)     ENDING RESERVE FUND BALANCE                        3,000.00

SEC. 4.02 (viii)    CLASS A-8 DISTRIBUTION DEFICIENCY                      0.00
                    PAYMENTS UNDER POLICY                                  0.00
                    CLASS A-8 DISTRIBUTION                            79,899.17

SEC. 4.02 (ix)      DELINQ.& FORECLOSURES   CATEGORY NUMBER       STAT PRIN BAL
                          30-59 DAYS               1                 231,344.90
                          60-89 DAYS               0                       0.00
                          90+ DAYS                 0                       0.00
                          FORECLOSURE              0                       0.00

SEC. 4.02 (x)       RECENT REO PROPERTY  LOAN #   STAT PRIN BAL    DATE OF ACQ.
                            N/A                        0.00            N/A

SEC. 4.02 (xi)      BOOK VALUE OF REO PROPERTY                             0.00

SEC. 4.02 (xii)     REMAINING SPECIAL HAZARD AMOUNT                3,714,454.00
                    REMAINING FRAUD LOSS AMOUNT                    4,810,475.00
                    REMAINING BANKRUPTCY AMOUNT                      100,000.00

                    CLASS     UNPAID INTEREST          CLASS    UNPAID INTEREST
SEC. 4.02 (xiii)    CLASS A-1            0.00          CLASS A-10          0.00
                    CLASS A-2            0.00          CLASS A-R           0.00
                    CLASS A-3            0.00          CLASS A-RL          0.00
                    CLASS A-4            0.00          CLASS B-1           0.00
                    CLASS A-5            0.00          CLASS B-2           0.00
                    CLASS A-6            0.00          CLASS B-3           0.00
                    CLASS A-7            0.00          CLASS B-4           0.00
                    CLASS A-8            0.00          CLASS B-5           0.00
                    CLASS A-9            0.00          CLASS B-6           0.00

SEC. 4.02 (xiv)     SENIOR PREPAYMENT PERCENTAGE                    100.000000%
                    B1 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                    B2 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                    B3 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                    B4 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                    B5 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                    B6 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
SEC. 4.02 (xvi)     RECOVERIES ON FORECLOSURES                             0.00

SEC. 4.02 (xvii)    WEIGHTED AVERAGE REMAINING TERM                         351

SEC. 4.02 (xviii)   ENDING WEIGHTED AVERAGE MORTGAGE RATE             7.997469%

SEC. 4.02 (xix)     GROUP I SENIOR OPTIMAL PRINCIPAL AMOUNT          195,945.00
                    GROUP II SENIOR OPTIMAL PRINCIPAL AMOUNT          17,389.95
                    SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT         10,413.44
                    POOL BALANCE                                 231,780,745.44



<PAGE>



                            Exhibit 99.6


       Monthly Certificateholder Statement on August 25, 1996


<PAGE>

<TABLE>
<CAPTION>


 CHEMICAL MORTGAGE SECURITIES, INC.
 MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
   SERIES 1996-1

 DISTRIBUTION:  25-Aug-96                                                   PAGE # 1



              ORIGINAL          BEGINNING                                                     REALIZED   REALIZED       ENDING
              CERTIFICATE       CERTIFICATE      PRINCIPAL      INTEREST       TOTAL          LOSS       LOSS           CERTIFICATE
CLASS         BALANCE           BALANCE          DISTRIBUTION   DISTRIBUTION   DISTRIBUTION   PRINCIPAL  INTEREST        BALANCE
<S>     <C>    <C>    <C>    <C>    <C>    <C>

A-1        90,918,000.43      85,796,345.87        124,803.23     518,352.91     643,156.14        0.00      0.00     85,671,542.64
A-2        40,932,000.00      38,626,190.76         56,187.40     225,319.45     281,506.85        0.00      0.00     38,570,003.36
A-3        20,466,000.00      19,313,095.39         28,093.70     124,730.41     152,824.11        0.00      0.00     19,285,001.69
A-4         9,139,000.00       9,139,000.00              0.01      53,310.83      53,310.84        0.00      0.00      9,138,999.99
A-5         1,000,000.00       1,000,000.00              0.00       6,250.00       6,250.00        0.00      0.00      1,000,000.00
A-6         2,713,000.00       2,713,000.00              0.00      18,086.67      18,086.67        0.00      0.00      2,713,000.00
A-7        23,127,000.00      23,127,000.00              0.00     139,725.63     139,725.63        0.00      0.00     23,127,000.00
A-8        13,697,000.00      13,697,000.00              0.00      79,899.17      79,899.17        0.00      0.00     13,697,000.00
A-9        24,100,000.00      23,998,400.94         17,548.71     144,990.34     162,539.05        0.00      0.00     23,980,852.23
A-10                 N/A                N/A               N/A       1,940.41       1,940.41        0.00      0.00               N/A
A-R               100.00               0.00              0.00           0.00           0.00        0.00      0.00              0.00
A-RL              100.00               0.00              0.00           0.00           0.00        0.00      0.00              0.00
B-1         6,013,000.00       5,987,650.83          4,378.44      36,175.39      40,553.83        0.00      0.00      5,983,272.39
B-2         3,607,000.00       3,591,793.86          2,626.48      21,700.42      24,326.90        0.00      0.00      3,589,167.38
B-3         2,406,000.00       2,395,856.96          1,751.96      14,474.97      16,226.93        0.00      0.00      2,394,105.00
B-4           962,000.00         957,944.46            700.49       5,787.58       6,488.07        0.00      0.00        957,243.97
B-5           481,000.00         478,972.24            350.25       2,893.79       3,244.04        0.00      0.00        478,621.99
B-6           962,552.00         958,494.13            700.89       5,790.90       6,491.79        0.00      0.00        957,793.24
TOTALS    240,523,752.43      31,780,745.44        237,141.56   1,399,428.8    1,636,570.43        0.00      0.00    231,543,603.88

</TABLE>


     FACTOR INFORMATION PER $1,000                         PASS THRU RATES

           PRINCIPAL     INTEREST        END. CERT.                  CURR PASS
CLASS      DISTRIBUTION  DISTRIBUTION    BALANCE           CLASS     THRU RATE

A-1          1.37270100    5.70132325   942.29461970         A-1         7.25%
A-2          1.37270107    5.50472613   942.29461946         A-2         7.00%
A-3          1.37270107    6.09451823   942.29461970         A-3         7.75%
A-4          0.00000109    5.83333297   999.99999891         A-4         7.00%
A-5          0.00000078    6.25000000   999.99999922         A-5         7.50%
A-6          0.00000078    6.66666790   999.99999922         A-6         8.00%
A-7          0.00000000    6.04166688  1000.00000000         A-7         7.25%
A-8          0.00000000    5.83333358  1000.00000000         A-8         7.00%
A-9          0.72816224    6.01619668   995.05610913         A-9         7.25%
A-10                N/A    0.14166679            N/A         A-10        0.17%
A-R          0.00000000    0.00000000     0.00000000         A-R         7.25%
A-RL         0.00000000    0.00000000     0.00000000         A-RL        7.25%
B-1          0.72816231    6.01619657   995.05611009         B-1         7.25%
B-2          0.72816191    6.01619629   995.05610757         B-2         7.25%
B-3          0.72816293    6.01619701   995.05610973         B-3         7.25%
B-4          0.72816008    6.01619543   995.05610187         B-4         7.25%
B-5          0.72817048    6.01619543   995.05611227         B-5         7.25%
B-6          0.72815506    6.01619445   995.05610387         B-6         7.25%



IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT
    THE ADMINISTRATOR LISTED BELOW:

                            DIANE WALLACE
                            CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
                            450 WEST 33RD STREET, 15TH FLOOR
                            NEW YORK, NEW YORK 10001
                            (212) 946-8583




<PAGE>



CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
  SERIES 1996-1

DISTRIBUTION:  25-Aug-96                                             PAGE # 2


SEC. 4.02 (i) (b)   PRINCIPAL PREPAYMENTS                             67,653.10

SEC. 4.02 (ii)      SERVICING FEE                                    144,374.17

SEC. 4.02 (iv)      CURRENT ADVANCES                                   1,787.72
                    OUTSTANDING ADVANCES                               5,363.16

SEC. 4.02 (v)       ENDING NUMBER OF LOANS                                  756
                    ENDING STATED PRINCIPAL BALANCE              231,543,603.88

SEC. 4.02 (vi)      SENIOR PERCENTAGE                                83.441108%
                    CLASS B PERCENTAGE                                6.201944%
                    CLASS B1 PERCENTAGE                               2.584080%
                    CLASS B2 PERCENTAGE                               1.550104%
                    CLASS B3 PERCENTAGE                               1.033976%
                    CLASS B4 PERCENTAGE                               0.413418%
                    CLASS B5 PERCENTAGE                               0.206709%
                    CLASS B6 PERCENTAGE                               0.413656%

SEC. 4.02 (vii)     ENDING RESERVE FUND BALANCE                        3,000.00

SEC. 4.02 (viii)    CLASS A-8 DISTRIBUTION DEFICIENCY                      0.00
                    PAYMENTS UNDER POLICY                                  0.00
                    CLASS A-8 DISTRIBUTION                            79,899.17

SEC. 4.02 (ix)      DELINQ.& FORECLOSURES    CATEGORY NUMBER      STAT PRIN BAL
                         30-59 DAYS                 0                     0.00
                         60-89 DAYS                 1               231,195.87
                         90+ DAYS                   0                     0.00
                         FORECLOSURE                0                     0.00

SEC. 4.02 (x)       RECENT REO PROPERTY   LOAN #   STAT PRIN BAL   DATE OF ACQ.
                              N/A                         0.00            N/A

SEC. 4.02 (xi)      BOOK VALUE OF REO PROPERTY                             0.00

SEC. 4.02 (xii)     REMAINING SPECIAL HAZARD AMOUNT                3,714,454.00
                    REMAINING FRAUD LOSS AMOUNT                    4,810,475.00
                    REMAINING BANKRUPTCY AMOUNT                      100,000.00

                    CLASS      UNPAID INTEREST        CLASS     UNPAID INTEREST
SEC. 4.02 (xiii)    CLASS A-1             0.00        CLASS A-10           0.00
                    CLASS A-2             0.00        CLASS A-R            0.00
                    CLASS A-3             0.00        CLASS A-RL           0.00
                    CLASS A-4             0.00        CLASS B-1            0.00
                    CLASS A-5             0.00        CLASS B-2            0.00
                    CLASS A-6             0.00        CLASS B-3            0.00
                    CLASS A-7             0.00        CLASS B-4            0.00
                    CLASS A-8             0.00        CLASS B-5            0.00
                    CLASS A-9             0.00        CLASS B-6            0.00

SEC. 4.02 (xiv)     SENIOR PREPAYMENT PERCENTAGE                    100.000000%
                    B1 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                    B2 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                    B3 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                    B4 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                    B5 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                    B6 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%

SEC. 4.02 (xvi)     RECOVERIES ON FORECLOSURES                             0.00

SEC. 4.02 (xvii)    WEIGHTED AVERAGE REMAINING TERM                         350

SEC. 4.02 (xviii)   ENDING WEIGHTED AVERAGE MORTGAGE RATE             7.997489%

SEC. 4.02 (xix)     GROUP I SENIOR OPTIMAL PRINCIPAL AMOUNT          209,084.34
                    GROUP II SENIOR OPTIMAL PRINCIPAL AMOUNT          17,548.71
                    SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT         10,508.51
                    POOL BALANCE                                 231,543,603.88
[{"type": "8-K", "sequence": "1", "description": "MONTHLY CERTIFICATE STATEMENTS", "secsgml_size_bytes": 62600}]
{"company-data": {"conformed-name": "CHEMICAL MOR SEC INC MULTI CL MOR PAS THRO CER SER 1996-1", "cik": "0001006135", "assigned-sic": "6189", "irs-number": "133436103", "state-of-incorporation": "NY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "033-24654-08", "film-number": "96631267"}, "business-address": {"street1": "270 PARK AVENUE", "city": "NEW YORK", "state": "NY", "zip": "10017", "phone": "2123103523"}, "mail-address": {"street1": "270 PARK AVE", "city": "NEW YORK", "state": "NY", "zip": "10017"}}
SECURITIES AND EXCHANGE COMMISSION

                         Washington, D.C. 20549

                                FORM 8-K

                             CURRENT REPORT

                    Pursuant to Section 13 or 15(d)
                 of the Securities Exchange Act of 1934

   Date of Report (Date of earliest event reported) : March 25, 1996

                   Chemical Mortgage Securities, Inc.
               (Issuer in respect of Multi-Class Mortgage
                Pass-Through Certificates, Series 1996-1)
                      (Exact name of registrant as
                       specified in its charter)

     New York                      3-24654                      13-3436103
(State or other jurisdiction      (Commission File            (IRS Employer
 of incorporation ororganization)   Number)                  Identification No.)

  270 Park Avenue, New York, New York                         10017
(Address of principal executive offices)                      (Zip Code)

  Registrant's telephone number, including area code : (212) 834-5316

                                  N/A
     (Former name or former address, if changed since last report.)

                               Page 1 of 4             This report consists of
                                                  consecutively numbered pages.
Item 5. Other Events.

      On March 25, 1996, April 25, 1996, May 25, 1996, June 25, 1996, July 25,
      1996   and   August   25,   1996   distributions   were   made   to  the
      Certificateholders.   Specific   information   with   respect   to   the
      distributions  is filed as Exhibits 99.1,  99.2,  99.3,  99.4, 99.5, and
      99.6 hereto.

      No other reportable transactions or matters have occurred during the
      current reporting period.

Item 7. Financial Statements and Exhibits.

     (c)  The  following  exhibits  are  filed  as  part of this report:

        Statement to Certificateholders on March 25, 1996 filed as Exhibit 99.1
        hereto.

        Statement to Certificateholders on April 25, 1996 filed as Exhibit 99.2
        hereto.

        Statement to Certificateholders on May 25, 1996 filed as Exhibit 99.3
        hereto.

        Statement to Certificateholders on June 25, 1996 filed as Exhibit 99.4
        hereto.

        Statement to Certificateholders on July 25, 1996 filed as Exhibit 99.5
        hereto.

        Statement to Certificateholders on August 25, 1996 filed as Exhibit 
        99.6 hereto.
SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934,  the
   registrant has duly caused this report to be signed on its  behalf by the
   undersigned hereunto duly authorized.

                              CHASE MANHATTAN BANK
                              (FORMERLY KNOWN AS CHEMICAL BANK),
                              AS TRUSTEE, FOR
                              MULTI-CLASS MORTGAGE PASS-THROUGH
                              CERTIFICATES, SERIES 1996-1

Date: 9/17/96                  By: /s/ Ronald Feldman
                                       Ronald Feldman
                                       Vice President
INDEX TO EXHIBITS

    Exhibit
    Number          Description of Exhibits                           Page

     99.1      Monthly Certificateholder Statement on                  5
               March 25, 1996.

     99.2      Monthly Certificateholder Statement on                  8
               April 25, 1996.

     99.3      Monthly Certificateholder Statement on                  11
               May 25, 1996.

     99.4      Monthly Certificateholder Statement on                  14
               June 25, 1996.

     99.5      Monthly Certificateholder Statement on                  17
               July 25, 1996.

     99.6      Monthly Certificateholder Statement on                  20
               August 25, 1996.
Exhibit 99.1

        Monthly Certificateholder Statement on March 25, 1996
CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1

DISTRIBUTION:    25-Mar-96                                                                                              PAGE # 1

            ORIGINAL        BEGINNING                                                        REALIZED   REALIZED        ENDING
            CERTIFICATE     CERTIFICATE     PRINCIPAL        INTEREST         TOTAL          LOSS       LOSS            CERTIFICATE
CLASS       BALANCE         BALANCE         DISTRIBUTION     DISTRIBUTION     DISTRIBUTION   PRINCIPAL  INTEREST        BALANCE
A-1       90,918,000.43    90,145,135.74    1,729,426.71       544,626.87     2,274,053.58        0.00      0.00     88,415,709.03
A-2       40,932,000.00    40,584,050.23       78,601.53       236,740.29     1,015,341.82        0.00      0.00     39,805,448.70
A-3       20,466,000.00    20,292,025.12      389,300.77       131,052.66       520,353.43        0.00      0.00     19,902,724.35
A-4        9,139,000.00     9,139,000.00           (0.00)       53,310.83        53,310.83        0.00      0.00      9,139,000.00
A-5        1,000,000.00     1,000,000.00           (0.00)        6,250.00         6,250.00        0.00      0.00      1,000,000.00
A-6        2,713,000.00     2,713,000.00           (0.00)       18,086.67        18,086.67        0.00      0.00      2,713,000.00
A-7       23,127,000.00    23,127,000.00           (0.00)      139,725.63       139,725.63        0.00      0.00     23,127,000.00
A-8       13,697,000.00    13,697,000.00            0.00        79,899.17        79,899.17        0.00      0.00     13,697,000.00
A-9       24,100,000.00    24,083,486.01       16,653.70       145,504.39       162,158.09        0.00      0.00     24,066,832.31
A-10                N/A              N/A             N/A         1,940.41         1,940.41        0.00      0.00               N/A
A-R              100.00             0.00            0.00             0.00             0.00        0.00      0.00              0.00
A-RL             100.00             0.00            0.00             0.00             0.00        0.00      0.00              0.00
0-1        6,013,000.00     6,008,879.73        4,155.13        36,303.65        40,458.78        0.00      0.00      6,004,724.60
B-2        3,607,000.00     3,604,528.38        2,492.53        21,777.36        24,269.89        0.00      0.00      3,602,035.85
B-3        2,406,000.00     2,404,351.34        1,662.61        14,526.29        16,188.90        0.00      0.00      2,402,688.73
B-4          962,000.00       961,340.81          664.77         5,808.10         6,472.87        0.00      0.00        960,676.04
B-5          481,000.00       480,670.41          332.38         2,904.05         3,236.43        0.00      0.00        480,338.03
B-6          962,552.00       961,892.43          665.15         5,811.43         6,476.58        0.00      0.00        961,227.28
TOTALS   240,523,752.43   239,202,360.20    2,923,955.28     1,444,267.80     4,368,223.08        0.00      0.00    236,278,404.92
FACTOR INFORMATION PER $1,000                             PASS THRU RATES

         PRINCIPAL     INTEREST       END. CERT.                     CURR PASS
CLASS  DISTRIBUTION  DISTRIBUTION      BALANCE           CLASS       THRU RATE

A-1     19.02182963    5.99030849   972.47749194          A-1          7.25%
A-2     19.02182963    5.78374597   972.47749194          A-2          7.00%
A-3     19.02182963    6.40343301   972.47749194          A-3          7.75%
A-4     -0.00000000    5.83333297  1000.00000000          A-4          7.00%
A-5     -0.00000000    6.25000000  1000.00000000          A-5          7.50%
A-6     -0.00000000    6.66666790  1000.00000000          A-6          8.00%
A-7     -0.00000000    6.04166688  1000.00000000          A-7          7.25%
A-8      0.00000000    5.83333358  1000.00000000          A-8          7.00%
A-9      0.69102490    6.03752656   998.62374730          A-9          7.25%
A-10            N/A    0.14166679            N/A          A-10         0.17%
A-R      0.00000000    0.00000000     0.00000000          A-R          7.25%
A-RL     0.00000000    0.00000000     0.00000000          A-RL         7.25%
B-1      0.69102445    6.03752702   998.62374854          B-1          7.25%
B-2      0.69102578    6.03752703   998.62374549          B-2          7.25%
B-3      0.69102660    6.03752702   998.62374480          B-3          7.25%
B-4      0.69102911    6.03752599   998.62374220          B-4          7.25%
B-5      0.69101871    6.03752599   998.62376299          B-5          7.25%
B-6      0.69102760    6.03752317   998.62374189          B-6          7.25%

IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT
THE ADMINISTRATOR LISTED BELOW:

                          STUART LANDUCCI
                          CHEMICAL BANK - STRUCTURED FINANCE SERVICES
                          450 WEST 33RD STREET, 15TH FLOOR
                          NEW YORK, NEW YORK 10001
                          (212) 946-3962
CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
 SERIES 1996-1

 DISTRIBUTION:    25-Mar-96                                           PAGE # 2

SEC. 4.02 (I) (b)     PRINCIPAL PREPAYMENTS                       2,758,547.15
SEC. 4.02  (ii)       SERVICING FEE                                 151,330.13
SEC. 4.02  (iv)       CURRENT ADVANCES                                2,155.69
                      OUTSTANDING ADVANCES                            4,311.38
SEC. 4.02  (v)        ENDING NUMBER OF LOANS                               767
                      ENDING STATED PRINCIPAL BALANCE           236,278,404.92
SEC. 4.02  (vi)       SENIOR PERCENTAGE                             83.714753%
                      CLASS B PERCENTAGE                             6.099453%
                      CLASS B1 PERCENTAGE                            2.541377%
                      CLASS B2 PERCENTAGE                            1.524488%
                      CLASS B3 PERCENTAGE                            1.016889%
                      CLASS B4 PERCENTAGE                            0.406586%
                      CLASS B5 PERCENTAGE                            0.203293%
                      CLASS B6 PERCENTAGE                            0.406820%
SEC. 4.02  (vii)      ENDING RESERVE FUND BALANCE                     3,000.00
SEC. 4.02  (viii)     CLASS A-8 DISTRIBUTION DEFICIENCY                   0.00
                      PAYMENTS UNDER POLICY                               0.00
                      CLASS A-8 DISTRIBUTION                         79,899.17

SEC. 4.02  (ix)       DELINQ.& FORECLOSURES   CATEGORY   NUMBER  STAT PRIN BAL
                                              30-59 DAYS    1       297,872.62
                                              60-89 DAYS    0             0.00
                                                90+ DAYS    0             0.00
                                             FORECLOSURE    0             0.00

SEC. 4.02  (x)        RECENT REO PROPERTY  LOAN #   STAT PRIN BAL  DATE OF ACQ.
                                            N/A              0.00          N/A

SEC. 4.02  (xi)       BOOK VALUE OF REO PROPERTY                          0.00
EC. 4.02  (xii)       REMAINING SPECIAL HAZARD AMOUNT             3,714,454.00
                      REMAINING FRAUD LOSS AMOUNT                 4,810,475.00
                      REMAINING BANKRUPTCY AMOUNT                   100,000.00

                       CLASS    UNPAID INTEREST        CLASS    UNPAID INTEREST
SEC. 4.02  (xiii)     CLASS A-1       0.00           CLASS A-10          0.00
                      CLASS A-2       0.00           CLASS A-R           0.00
                      CLASS A-3       0.00           CLASS A-RL          0.00
                      CLASS A-4       0.00           CLASS B-1           0.00
                      CLASS A-5       0.00           CLASS B-2           0.00
                      CLASS A-6       0.00           CLASS B-3           0.00
                      CLASS A-7       0.00           CLASS B-4           0.00
                      CLASS A-8       0.00           CLASS B-5           0.00
                      CLASS A-9       0.00           CLASS B-6           0.00

SEC. 4.02  (xiv)      SENIOR PREPAYMENT PERCENTAGE                 100.000000%
                      B1 PREPAYMENT DISTRIBUTION PERCENTAGE          0.000000%
                      B2 PREPAYMENT DISTRIBUTION PERCENTAGE          0.000000%
                      B3 PREPAYMENT DISTRIBUTION PERCENTAGE          0.000000%
                      B4 PREPAYMENT DISTRIBUTION PERCENTAGE          0.000000%
                      B5 PREPAYMENT DISTRIBUTION PERCENTAGE          0.000000%
                      B6 PREPAYMENT DISTRIBUTION PERCENTAGE          0.000000%

SEC. 4.02  (xvi)      RECOVERIES ON FORECLOSURES                          0.00
    SEC. 4.02  (xvii) WEIGHTED AVERAGE REMAINING TERM                      355
    SEC. 4.02  (xviii)ENDING WEIGHTED AVERAGE MORTGAGE RATE          8.004635%
    SEC. 4.02  (xix)  GROUP I SENIOR OPTIMAL PRINCIPAL AMOUNT     2,897,329.01
                      GROUP II SENIOR OPTIMAL PRINCIPAL AMOUNT       16,653.70
                      SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT       9,972.57
                      POOL BALANCE                              236,278,404.92
Exhibit 99.2

        Monthly Certificateholder Statement on April 25, 1996
CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1

DISTRIBUTION:    25-Apr-96                                                                                                PAGE # 1

             ORIGINAL         BEGINNING                                                    REALIZED    REALIZED        ENDING
             CERTIFICATE      CERTIFICATE    PRINCIPAL      INTEREST       TOTAL           LOSS        LOSS            CERTIFICATE
CLASS        BALANCE          BALANCE        DISTRIBUTION   DISTRIBUTION   DISTRIBUTION    PRINCIPAL   INTEREST        BALANCE
A-1        90,918,000.43    88,415,709.03    1,973,577.76    534,178.25    2,507,756.01        0.00       0.00       86,442,131.27
A-2        40,932,000.00    39,805,448.70      888,520.25    232,198.45    1,120,718.70        0.00       0.00       38,916,928.45
A-3        20,466,000.00    19,902,724.35      444,260.13    128,538.43      572,798.56        0.00       0.00       19,458,464.22
A-4         9,139,000.00     9,139,000.00            0.00     53,310.83       53,310.83        0.00       0.00        9,139,000.00
A-5         1,000,000.00     1,000,000.00            0.00      6,250.00        6,250.00        0.00       0.00        1,000,000.00
A-6         2,713,000.00     2,713,000.00            0.00     18,086.67       18,086.67        0.00       0.00        2,713,000.00
A-7        23,127,000.00    23,127,000.00            0.00    139,725.63      139,725.63        0.00       0.00       23,127,000.00
A-8        13,697,000.00    13,697,000.00            0.00     79,899.17       79,899.17        0.00       0.00       13,697,000.00
A-9        24,100,000.00    24,066,832.31       16,839.68    145,403.78      162,243.46        0.00       0.00       24,049,992.63
A-10                 N/A              N/A             N/A      1,940.41        1,940.41        0.00       0.00                 N/A
A-R               100.00             0.00            0.00          0.00            0.00        0.00       0.00                0.00
A-RL              100.00             0.00            0.00          0.00            0.00        0.00       0.00                0.00
B-1         6,013,000.00     6,004,724.60        4,201.54     36,278.54       40,480.08        0.00       0.00        6,000,523.06
B-2         3,607,000.00     3,602,035.85        2,520.36     21,762.30       24,282.66        0.00       0.00        3,599,515.49
B-3         2,406,000.00     2,402,688.73        1,681.17     14,516.24       16,197.41        0.00       0.00        2,401,007.56
B-4            962,000.00      960,676.04          672.19      5,804.08        6,476.27        0.00       0.00          960,003.85
B-5            481,000.00      480,338.03          336.09      2,902.04        3,238.13        0.00       0.00          480,001.94
B-6            962,552.00      961,227.28          672.58      5,807.41        6,479.99        0.00       0.00          960,554.70
   TOTALS  240,523,752.43  236,278,404.92    3,333,281.75  1,426,602.23    4,759,883.98        0.00       0.00      232,945,123.17
FACTOR INFORMATION PER $1,000                           PASS THRU RATES

         PRINCIPAL      INTEREST       END. CERT.                     CURR PASS
CLASS    DISTRIBUTION   DISTRIBUTION   BALANCE              CLASS     THRU RATE

A-1      21.70722794    5.87538493     950.77026400          A-1        7.25% 
A-2      21.70722794    5.67278535     950.77026400          A-2        7.00%
A-3      21.70722794    6.28058390     950.77026400          A-3        7.75%
A-4       0.00000000    5.83333297    1000.00000000          A-4        7.00%
A-5       0.00000000    6.25000000    1000.00000000          A-5        7.50%
A-6       0.00000000    6.66666790    1000.00000000          A-6        8.00%
A-7       0.00000000    6.04166688    1000.00000000          A-7        7.25%
A-8       0.00000000    5.83333358    1000.00000000          A-8        7.00%
A-9       0.69874191    6.03335187     997.92500539          A-9        7.25%
A-10             N/A    0.14166679              N/A          A-10       0.17%
A-R       0.00000000    0.00000000       0.00000000          A-R        7.25%
A-RL      0.00000000    0.00000000       0.00000000          A-RL       7.25%
B-1       0.69874272    6.03335107     997.92500582          B-1        7.25%
B-2       0.69874134    6.03335182     997.92500416          B-2        7.25%
B-3       0.69874065    6.03334996     997.92500416          B-3        7.25%
B-4       0.69874220    6.03334719     997.92500000          B-4        7.25%
B-5       0.69873181    6.03334719     997.92503119          B-5        7.25%
B-6       0.69874667    6.03334677     997.92499522          B-6        7.25%

IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT
   THE ADMINISTRATOR LISTED BELOW:

 
                           EILEEN ROONEY
                           CHEMICAL BANK - STRUCTURED FINANCE SERVICES
                           450 WEST 33RD STREET, 15TH FLOOR
                           NEW YORK, NEW YORK 10001
                           (212)946-3185
CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1

DISTRIBUTION:   25-Apr-96                                            PAGE # 2

SEC. 4.02 (i) (b) PRINCIPAL PREPAYMENTS                           3,167,956.55
SEC. 4.02 (ii)    SERVICING FEE                                     148,586.66
SEC. 4.02 (iv)    CURRENT ADVANCES                                        0.00
                  OUTSTANDING ADVANCES                                    0.00

SEC. 4.02 (v)     ENDING NUMBER OF LOANS                                   758
                  ENDING STATED PRINCIPAL BALANCE               232,945,123.17

SEC. 4.02 (vi)    SENIOR PERCENTAGE                                 83.493280%
                  CLASS B PERCENTAGE                                 6.182403%
                  CLASS B1 PERCENTAGE                                2.575938%
                  CLASS B2 PERCENTAGE                                1.545220%
                  CLASS B3 PERCENTAGE                                1.030718%
                  CLASS B4 PERCENTAGE                                0.412116%
                  CLASS B5 PERCENTAGE                                0.206058%
                  CLASS B6 PERCENTAGE                                0.412352%

SEC. 4.02 (vii)   ENDING RESERVE FUND BALANCE                         3,000.00

SEC. 4.02 (viii)  CLASS A-8 DISTRIBUTION DEFICIENCY                       0.00
                  PAYMENTS UNDER POLICY                                   0.00
                  CLASS A-8 DISTRIBUTION                             79,899.17

SEC. 4.02 (ix)    DELINQ. & FORECLOSURES     CATEGORY NUMBER     STAT PRIN BAL
                       30-59 DAYS                   0                     0.00
                       60-89 DAYS                   0                     0.00
                       90+ DAYS                     0                     0.00
                       FORECLOSURE                  0                     0.00

SEC. 4.02 (x)     RECENT REO PROPERTY    LOAN #   STAT PRIN BAL    DATE OF ACQ.
                           N/A                         0.00            N/A

SEC. 4.02 (xi)    BOOK VALUE OF REO PROPERTY                              0.00

SEC. 4.02 (xii)   REMAINING SPECIAL HAZARD AMOUNT                 3,714,454.00
                  REMAINING FRAUD LOSS AMOUNT                     4,810,475.00
                  REMAINING BANKRUPTCY AMOUNT                       100,000.00

                   CLASS    UNPAID INTEREST          CLASS      UNPAID INTEREST
SEC. 4.02 (xiii)   CLASS A-1           0.00          CLASS A-10           0.00
                   CLASS A-2           0.00          CLASS A-R            0.00
                   CLASS A-3           0.00          CLASS A-RL           0.00
                   CLASS A-4           0.00          CLASS B-1            0.00
                   CLASS A-5           0.00          CLASS B-2            0.00
                   CLASS A-6           0.00          CLASS B-3            0.00
                   CLASS A-7           0.00          CLASS B-4            0.00
                   CLASS A-8           0.00          CLASS B-5            0.00
                   CLASS A-9           0.00          CLASS B-6            0.00

SEC. 4.02 (xiv)   SENIOR PREPAYMENT PERCENTAGE                     100.000000%
                   B1 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                   B2 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                   B3 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                   B4 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                   B5 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                   B6 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%

SEC. 4.02 (xvi)   RECOVERIES ON FORECLOSURES                              0.00
SEC. 4.02 (xvii)  WEIGHTED AVERAGE REMAINING TERM                          354
SEC. 4.02 (xviii) ENDING WEIGHTED AVERAGE MORTGAGE RATE              7.997771%
SEC. 4.02 (xix)   GROUP I SENIOR OPTIMAL PRINCIPAL AMOUNT         3,306,358.14
                  GROUP II SENIOR OPTIMAL PRINCIPAL AMOUNT           16,839.68
                  SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT          10,083.93
                  POOL BALANCE                                  232,945,123.17
Exhibit 99.3

         Monthly Certificateholder Statement on May 25, 1996
CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1

DISTRIBUTION:   25-May-96                                              PAGE # 1

             ORIGINAL         BEGINNING                                                       REALIZED   REALIZED      ENDING
             CERTIFICATE      CERTIFICATE    PRINCIPAL      INTEREST         TOTAL            LOSS       LOSS          CERTIFICATE
CLASS        BALANCE          BALANCE        DISTRIBUTION   DISTRIBUTION     DISTRIBUTION     PRINCIPAL  INTEREST      BALANCE
A-1        90,918,000.43    86,442,131.27      363,835.56     522,254.54       886,090.10          0.00      0.00     86,078,295.71
A-2        40,932,000.00    38,916,928.45      163,801.63     227,015.42       390,817.05          0.00      0.00     38,753,126.81
A-3        20,466,000.00    19,458,464.22       81,900.82     125,669.25       207,570.07          0.00      0.00     19,376,563.41
A-4         9,139,000.00     9,139,000.00            0.00      53,310.83        53,310.83          0.00      0.00      9,139,000.00
A-5         1,000,000.00     1,000,000.00            0.00       6,250.00         6,250.00          0.00      0.00      1,000,000.00
A-6         2,713,000.00     2,713,000.00            0.00      18,086.67        18,086.67          0.00      0.00      2,713,000.00
A-7        23,127,000.00    23,127,000.00            0.00     139,725.63       139,725.63          0.00      0.00     23,127,000.00
A-8        13,697,000.00    13,697,000.00            0.00      79,899.17        79,899.17          0.00      0.00     13,697,000.00
A-9        24,100,000.00    24,049,992.63       17,033.22     145,302.04       162,335.26          0.00      0.00     24,032,959.41
A-10                 N/A              N/A             N/A       1,940.41         1,940.41          0.00      0.00               N/A
A-R               100.00             0.00            0.00           0.00             0.00          0.00      0.00              0.00
A-RL              100.00             0.00            0.00           0.00             0.00          0.00      0.00              0.00
B-1         6,013,000.00     6,000,523.06        4,249.82      36,253.16        40,502.98          0.00      0.00      5,996,273.24
B-2         3,607,000.00     3,599,515.49        2,549.33      21,747.07        24,296.40          0.00      0.00      3,596,966.16
B-3         2,406,000.00     2,401,007.56        1,700.49      14,506.09        16,206.58          0.00      0.00      2,399,307.07
B-4           962,000.00       960,003.85          679.92       5,800.02         6,479.94          0.00      0.00        959,323.93
B-5           481,000.00       480,001.94          339.96       2,900.01         3,239.97          0.00      0.00        479,661.98
B-6           962,552.00       960,554.70          680.31       5,803.35         6,483.66          0.00      0.00        959,874.39
TOTALS    240,523,752.43   232,945,123.17      636,771.06   1,406,463.66     2,043,234.72          0.00      0.00    232,308,352.11
FACTOR INFORMATION PER $1,000                            PASS THRU RATES

          PRINCIPAL      INTEREST         END. CERT.                  CURR PASS
CLASS     DISTRIBUTION   DISTRIBUTION     BALANCE            CLASS    THRU RATE

A-1         4.00179895     5.74423698   946.76846505          A-1         7.25%
A-2         4.00179895     5.54615997   946.76846505          A-2         7.00%
A-3         4.00179895     6.14039138   946.76846505          A-3         7.75%
A-4         0.00000000     5.83333297  1000.00000000          A-4         7.00%
A-5         0.00000000     6.25000000  1000.00000000          A-5         7.50%
A-6         0.00000000     6.66666790  1000.00000000          A-6         8.00%
A-7         0.00000000     6.04166688  1000.00000000          A-7         7.25%
A-8         0.00000000     5.83333358  1000.00000000          A-8         7.00%
A-9         0.70677261     6.02913029   997.21823278          A-9         7.25%
A-10               N/A     0.14166679            N/A          A-10        0.17%
A-R         0.00000000     0.00000000     0.00000000          A-R         7.25%
A-RL        0.00000000     0.00000000     0.00000000          A-RL        7.25%
B-1         0.70677199     6.02913022   997.21823383          B-1         7.25%
B-2         0.70677294     6.02912947   997.21823122          B-2         7.25%
B-3         0.70677057     6.02913134   997.21823358          B-3         7.25%
B-4         0.70677755     6.02912682   997.21822245          B-4         7.25%
B-5         0.70677755     6.02912682   997.21825364          B-5         7.25%
B-6         0.70677740     6.02912882   997.21821782          B-6         7.25%

IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT
  THE ADMINISTRATOR LISTED BELOW:

                                EILEEN ROONEY
                                CHEMICAL BANK - STRUCTURED FINANCE SERVICES
                                450 WEST 33RD STREET, 15TH FLOOR
                                NEW YORK, NEW YORK 10001
                                (212) 946-3185
CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1

DISTRIBUTION:   25-May-96                                             PAGE # 2

SEC. 4.02 (i) (b)    PRINCIPAL PREPAYMENTS                           471,789.53
SEC. 4.02 (ii)       SERVICING FEE                                   145,158.08

SEC. 4.02 (iv)       CURRENT ADVANCES                                      0.00
                     OUTSTANDING ADVANCES                                  0.00

SEC. 4.02 (v)        ENDING NUMBER OF LOANS                                 756
                     ENDING STATED PRINCIPAL BALANCE             232,308,352.11

SEC. 4.02 (vi)       SENIOR PERCENTAGE                               83.459757%
                     CLASS B PERCENTAGE                               6.194959%
                     CLASS B1 PERCENTAGE                              2.581170%
                     CLASS B2 PERCENTAGE                              1.548359%
                     CLASS B3 PERCENTAGE                              1.032811%
                     CLASS B4 PERCENTAGE                              0.412953%
                     CLASS B5 PERCENTAGE                              0.206476%
                     CLASS B6 PERCENTAGE                              0.413190%

SEC. 4.02 (vii)      ENDING RESERVE FUND BALANCE                       3,000.00
SEC. 4.02 (viii)     CLASS A-8 DISTRIBUTION DEFICIENCY                     0.00
                     PAYMENTS UNDER POLICY                                 0.00
                     CLASS A-8 DISTRIBUTION                           79,899.17

SEC. 4.02 (ix)       DELINQ.& FORECLOSURES    CATEGORY NUMBER     STAT PRIN BAL
                          30-59 DAYS                 0                     0.00
                          60-89 DAYS                 0                     0.00
                          90+ DAYS                   0                     0.00
                          FORECLOSURE                0                     0.00

SEC. 4.02 (x)        RECENT REO PROPERTY  LOAN #    STAT PRIN BAL   DATE OF ACQ.
                               N/A                        0.00            N/A

SEC. 4.02 (xi)        BOOK VALUE OF REO PROPERTY                           0.00
SEC. 4.02 (xii)       REMAINING SPECIAL HAZARD AMOUNT              3,714,454.00
                      REMAINING FRAUD LOSS AMOUNT                  4,810,475.00
                      REMAINING BANKRUPTCY AMOUNT                    100,000.00

                      CLASS    UNPAID INTEREST       CLASS     UNPAID INTEREST
SEC. 4.02 (xiii)      CLASS A-1           0.00       CLASS A-10           0.00
                      CLASS A-2           0.00       CLASS A-R            0.00
                      CLASS A-3           0.00       CLASS A-RL           0.00
                      CLASS A-4           0.00       CLASS B-1            0.00
                      CLASS A-5           0.00       CLASS B-2            0.00
                      CLASS A-6           0.00       CLASS B-3            0.00
                      CLASS A-7           0.00       CLASS B-4            0.00
                      CLASS A-8           0.00       CLASS B-5            0.00
                      CLASS A-9           0.00       CLASS B-6            0.00

SEC. 4.02 (xiv)       SENIOR PREPAYMENT PERCENTAGE                  100.000000%
                      B1 PREPAYMENT DISTRIBUTION PERCENTAGE           0.000000%
                      B2 PREPAYMENT DISTRIBUTION PERCENTAGE           0.000000%
                      B3 PREPAYMENT DISTRIBUTION PERCENTAGE           0.000000%
                      B4 PREPAYMENT DISTRIBUTION PERCENTAGE           0.000000%
                      B5 PREPAYMENT DISTRIBUTION PERCENTAGE           0.000000%
                      B6 PREPAYMENT DISTRIBUTION PERCENTAGE           0.000000%

SEC. 4.02 (xvi)   RECOVERIES ON FORECLOSURES                               0.00

SEC. 4.02 (xvii)  WEIGHTED AVERAGE REMAINING TERM                           353

SEC. 4.02 (xviii) ENDING WEIGHTED AVERAGE MORTGAGE RATE               7.997558%

SEC. 4.02 (xix)   GROUP I SENIOR OPTIMAL PRINCIPAL AMOUNT            609,538.01
                  GROUP II SENIOR OPTIMAL PRINCIPAL AMOUNT            17,033.22
                  SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT           10,199.83
                  POOL BALANCE                                   232,308,352.11
Exhibit 99.4

       Monthly Certificateholder Statement on June 25, 1996
CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
 SERIES 1996-1

DISTRIBUTION:  25-Jun-96                                               PAGE # 1

            ORIGINAL         BEGINNING                                                         REALIZED   REALIZED       ENDING   
            CERTIFICATE      CERTIFICATE      PRINCIPAL        INTEREST         TOTAL          LOSS       LOSS           CERTIFICATE
CLASS       BALANCE          BALANCE          DISTRIBUTION     DISTRIBUTION     DISTRIBUTION   PRINCIPAL  INTEREST       BALANCE
A-1       90,918,000.43    86,078,295.71        164,989.53       520,056.36       685,045.89        0.00      0.00    85,913,306.18
A-2       40,932,000.00    38,753,126.81         74,279.59       226,059.91       300,339.50        0.00      0.00    38,678,847.22
A-3       20,466,000.00    19,376,563.41         37,139.79       125,140.31       162,280.10        0.00      0.00    19,339,423.62
A-4        9,139,000.00     9,139,000.00              0.00        53,310.83        53,310.83        0.00      0.00     9,139,000.00
A-5        1,000,000.00     1,000,000.00              0.00         6,250.00         6,250.00        0.00      0.00     1,000,000.00
A-6        2,713,000.00     2,713,000.00              0.00        18,086.67        18,086.67        0.00      0.00     2,713,000.00
A-7       23,127,000.00    23,127,000.00              0.00       139,725.63       139,725.63        0.00      0.00    23,127,000.00
A-8       13,697,000.00    13,697,000.00              0.00        79,899.17        79,899.17        0.00      0.00    13,697,000.00
A-9       24,100,000.00    24,032,959.41         17,168.52       145,199.13       162,367.65        0.00      0.00    24,015,790.89
A-10                N/A              N/A               N/A         1,940.41         1,940.41        0.00      0.00              N/A
A-R              100.00             0.00              0.00             0.00             0.00        0.00      0.00             0.00
A-RL             100.00             0.00              0.00             0.00             0.00        0.00      0.00             0.00
B-1        6,013,000.00     5,996,273.24          4,283.58        36,227.48        40,511.06        0.00      0.00     5,991,989.66
B-2        3,607,000.00     3,596,966.16          2,569.58        21,731.67        24,301.25        0.00      0.00     3,594,396.58
B-3        2,406,000.00     2,399,307.07          1,714.00        14,495.81        16,209.81        0.00      0.00     2,397,593.07
B-4          962,000.00       959,323.93            685.32         5,795.92         6,481.24        0.00      0.00       958,638.61
B-5          481,000.00       479,661.98            342.66         2,897.96         3,240.62        0.00      0.00       479,319.32
B-6          962,552.00       959,874.39            685.71         5,799.24         6,484.95        0.00      0.00       959,188.68
TOTALS   240,523,752.43   232,308,352.11        303,858.28     1,402,616.50     1,706,474.78        0.00      0.00   232,004,493.83
FACTOR INFORMATION PER $1,000                         PASS THRU RATES

         PRINCIPAL       INTEREST          END.CERT.                  CURR PASS
CLASS    DISTRIBUTION    DISTRIBUTION      BALANCE          CLASS     THRU RATE

A-1        1.81470699      5.72005937   944.95375804         A-1          7.25%
A-2        1.81470699      5.52281613   944.95375803         A-2          7.00%
A-3        1.81470699      6.11454657   944.95375827         A-3          7.75%
A-4        0.00000000      5.83333297  1000.00000000         A-4          7.00%
A-5        0.00000000      6.25000000  1000.00000000         A-5          7.50%
A-6        0.00000000      6.66666790  1000.00000000         A-6          8.00%
A-7        0.00000000      6.04166688  1000.00000000         A-7          7.25%
A-8        0.00000000      5.83333358  1000.00000000         A-8          7.00%
A-9        0.71238672      6.02486017   996.50584606         A-9          7.25%
A-10              N/A      0.14166679            N/A         A-10         0.17%
A-R        0.00000000      0.00000000     0.00000000         A-R          7.25%
A-RL       0.00000000      0.00000000     0.00000000         A-RL         7.25%
B-1        0.71238650      6.02485947   996.50584733         B-1          7.25%
B-2        0.71238703      6.02485999   996.50584419         B-2          7.25%
B-3        0.71238570      6.02485869   996.50584788         B-3          7.25%
B-4        0.71239085      6.02486486   996.50583160         B-4          7.25%
B-5        0.71239085      6.02486486   996.50586279         B-5          7.25%
B-6        0.71238749      6.02485892   996.50583033         B-6          7.25%

IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT
   THE ADMINISTRATOR LISTED BELOW:
 
                              EILEEN ROONEY
                              CHEMICAL BANK - STRUCTURED FINANCE SERVICES
                              450 WEST 33RD STREET, 15TH FLOOR
                              NEW YORK, NEW YORK 10001
                              (212) 946-3185
CHEMICAL MORTGAGE SECURITIES, INC.

MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1

DISTRIBUTION:  25-Jun-96                                              PAGE # 2

SEC. 4.02 (i) (b)   PRINCIPAL PREPAYMENTS                            137,903.25

SEC. 4.02 (ii)      SERVICING FEE                                    144,720.02

SEC. 4.02 (iv)      CURRENT ADVANCES                                   5,337.69
                    OUTSTANDING ADVANCES                              10,675.38

SEC. 4.02 (v)       ENDING NUMBER OF LOANS                                  756
                    ENDING STATED PRINCIPAL BALANCE              232,004,493.83

SEC. 4.02 (vi)      SENIOR PERCENTAGE                                83.449925%
                    CLASS B PERCENTAGE                                6.198641%
                    CLASS B1 PERCENTAGE                               2.582704%
                    CLASS B2 PERCENTAGE                               1.549279%
                    CLASS B3 PERCENTAGE                               1.033425%
                    CLASS B4 PERCENTAGE                               0.413198%
                    CLASS B5 PERCENTAGE                               0.206599%
                    CLASS B6 PERCENTAGE                               0.413435%

SEC. 4.02 (vii)   ENDING RESERVE FUND BALANCE                          3,000.00

SEC. 4.02 (viii)  CLASS A-8 DISTRIBUTION DEFICIENCY                        0.00
                  PAYMENTS UNDER POLICY                                    0.00
                  CLASS A-8 DISTRIBUTION                              79,899.17

SEC. 4.02 (ix)    DELINQ.& FORECLOSURES   CATEGORY NUMBER        STAT PRIN BAL
                      30-59 DAYS                 3                  704,950.81
                      60-89 DAYS                 0                        0.00
                      90+ DAYS                   0                        0.00
                      FORECLOSURE                0                        0.00

SEC. 4.02 (x)     RECENT REO PROPERTY    LOAN #    STAT PRIN BAL    DATE OF ACQ.
                           N/A                           0.00            N/A

SEC. 4.02 (xi)    BOOK VALUE OF REO PROPERTY                               0.00

SEC. 4.02 (xii)   REMAINING SPECIAL HAZARD AMOUNT                  3,714,454.00
                  REMAINING FRAUD LOSS AMOUNT                      4,810,475.00
                  REMAINING BANKRUPTCY AMOUNT                        100,000.00

                  CLASS      UNPAID INTEREST          CLASS     UNPAID INTEREST
SEC. 4.02 (xiii)  CLASS A-1             0.00          CLASS A-10           0.00
                  CLASS A-2             0.00          CLASS A-R            0.00
                  CLASS A-3             0.00          CLASS A-RL           0.00
                  CLASS A-4             0.00          CLASS B-1            0.00
                  CLASS A-5             0.00          CLASS B-2            0.00
                  CLASS A-6             0.00          CLASS B-3            0.00
                  CLASS A-7             0.00          CLASS B-4            0.00
                  CLASS A-8             0.00          CLASS B-5            0.00
                  CLASS A-9             0.00          CLASS B-6            0.00

SEC. 4.02 (xiv)   SENIOR PREPAYMENT PERCENTAGE                      100.000000%
                  B1 PREPAYMENT DISTRIBUTION PERCENTAGE               0.000000%
                  B2 PREPAYMENT DISTRIBUTION PERCENTAGE               0.000000%
                  B3 PREPAYMENT DISTRIBUTION PERCENTAGE               0.000000%
                  B4 PREPAYMENT DISTRIBUTION PERCENTAGE               0.000000%
                  B5 PREPAYMENT DISTRIBUTION PERCENTAGE               0.000000%
                  B6 PREPAYMENT DISTRIBUTION PERCENTAGE               0.000000%

SEC. 4.02 (xvi)   RECOVERIES ON FORECLOSURES                               0.00

SEC. 4.02 (xvii)  WEIGHTED AVERAGE REMAINING TERM                           352

SEC. 4.02 (xviii) ENDING WEIGHTED AVERAGE MORTGAGE RATE               7.997478%

SEC. 4.02 (xix)   GROUP I SENIOR OPTIMAL PRINCIPAL AMOUNT            276,408.91
                  GROUP II SENIOR OPTIMAL PRINCIPAL AMOUNT            17,168.52
                  SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT           10,280.85
                  POOL BALANCE                                   232,004,493.83
Exhibit 99.5

        Monthly Certificateholder Statement on July 25, 1996
CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
 SERIES 1996-1

DISTRIBUTION:  25-Jul-96                                              PAGE # 1

             ORIGINAL           BEGINNING                                                      REALIZED   REALIZED      ENDING
             CERTIFICATE        CERTIFICATE      PRINCIPAL       INTEREST        TOTAL         LOSS       LOSS          CERTIFICATE
CLASS        BALANCE            BALANCE          DISTRIBUTION    DISTRIBUTION    DISTRIBUTION  PRINCIPAL  INTEREST      BALANCE
A-1        90,918,000.43       85,913,306.18       116,960.31      519,059.56      636,019.87      0.00       0.00    85,796,345.87
A-2        40,932,000.00       38,678,847.22        52,656.46      225,626.61      278,283.07      0.00       0.00    38,626,190.76
A-3        20,466,000.00       19,339,423.62        26,328.23      124,900.44      151,228.67      0.00       0.00    19,313,095.39
A-4         9,139,000.00        9,139,000.00             0.00       53,310.83       53,310.83      0.00       0.00     9,139,000.00
A-5         1,000,000.00        1,000,000.00             0.00        6,250.00        6,250.00      0.00       0.00     1,000,000.00
A-6         2,713,000.00        2,713,000.00             0.00       18,086.67       18,086.67      0.00       0.00     2,713,000.00
A-7        23,127,000.00       23,127,000.00             0.00      139,725.63      139,725.63      0.00       0.00    23,127,000.00
A-8        13,697,000.00       13,697,000.00             0.00       79,899.17       79,899.17      0.00       0.00    13,697,000.00
A-9        24,100,000.00       24,015,790.89        17,389.95      145,095.40      162,485.35      0.00       0.00    23,998,400.94
A-10                 N/A                 N/A              N/A        1,940.41        1,940.41      0.00       0.00              N/A
A-R               100.00                0.00             0.00            0.00            0.00      0.00       0.00             0.00
A-RL              100.00                0.00             0.00            0.00            0.00      0.00       0.00             0.00
B-1         6,013,000.00        5,991,989.66         4,338.83       36,201.60       40,540.43      0.00       0.00     5,987,650.83
B-2         3,607,000.00        3,594,396.58         2,602.72       21,716.15       24,318.87      0.00       0.00     3,591,793.86
B-3         2,406,000.00        2,397,593.07         1,736.11       14,485.46       16,221.57      0.00       0.00     2,395,856.96
B-4           962,000.00          958,638.61           694.15        5,791.77        6,485.92      0.00       0.00       957,944.46
B-5           481,000.00          479,319.32           347.08        2,895.89        3,242.97      0.00       0.00       478,972.24
B-6           962,552.00          959,188.68           694.55        5,795.10        6,489.65      0.00       0.00       958,494.13
TOTALS    240,523,752.43      232,004,493.83       223,748.39    1,400,780.69    1,624,529.08      0.00       0.00   231,780,745.44
FACTOR INFORMATION PER $1,000                      PASS THRU RATES

         PRINCIPAL     INTEREST        END. CERT                      CURR PASS
CLASS    DISTRIBUTION  DISTRIBUTION    BALANCE            CLASS       THRU RATE

A-1        1.28643733    5.70909564   943.66732070          A-1          7.25%
A-2        1.28643751    5.51223028   943.66732052          A-2          7.00%
A-3        1.28643751    6.10282615   943.66732077          A-3          7.75%
A-4        0.00000000    5.83333297  1000.00000000          A-4          7.00%
A-5        0.00000000    6.25000000  1000.00000000          A-5          7.50%
A-6        0.00000000    6.66666790  1000.00000000          A-6          8.00%
A-7        0.00000000    6.04166688  1000.00000000          A-7          7.25%
A-8        0.00000000    5.83333358  1000.00000000          A-8          7.00%
A-9        0.72157469    6.02055602   995.78427137          A-9          7.25%
A-10              N/A    0.14166679            N/A          A-10         0.17%
A-R        0.00000000    0.00000000     0.00000000          A-R          7.25%
A-RL       0.00000000    0.00000000     0.00000000          A-RL         7.25%
B-1        0.72157492    6.02055546   995.78427241          B-1          7.25%
B-2        0.72157472    6.02055725   995.78426948          B-2          7.25%
B-3        0.72157523    6.02055694   995.78427265          B-3          7.25%
B-4        0.72156965    6.02055094   995.78426195          B-4          7.25%
B-5        0.72158004    6.02056133   995.78428274          B-5          7.25%
B-6        0.72157141    6.02055785   995.78425893          B-6         7.25%

IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT
     THE ADMINISTRATOR LISTED BELOW:

                            DIANE WALLACE
                            CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
                            450 WEST 33RD STREET, 15TH FLOOR
                            NEW YORK, NEW YORK 10001
                            (212) 946-8583
CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
  SERIES 1996-1

DISTRIBUTION:  25-Jul-96                                            PAGE #  2

SEC. 4.02 (i) (b)   PRINCIPAL PREPAYMENTS                             55,752.80

SEC. 4.02 (ii)      SERVICING FEE                                    144,515.24

SEC. 4.02 (iv)      CURRENT ADVANCES                                   1,787.72
                    OUTSTANDING ADVANCES                               3,575.44

SEC. 4.02 (v)       ENDING NUMBER OF LOANS                                  756
                    ENDING STATED PRINCIPAL BALANCE              231,780,745.44

SEC. 4.02 (vi)      SENIOR PERCENTAGE                                83.445944%
                    CLASS B PERCENTAGE                                6.200132%
                    CLASS B1 PERCENTAGE                               2.583325%
                    CLASS B2 PERCENTAGE                               1.549652%
                    CLASS B3 PERCENTAGE                               1.033674%
                    CLASS B4 PERCENTAGE                               0.413298%
                    CLASS B5 PERCENTAGE                               0.206649%
                    CLASS B6 PERCENTAGE                               0.413535%

SEC. 4.02 (vii)     ENDING RESERVE FUND BALANCE                        3,000.00

SEC. 4.02 (viii)    CLASS A-8 DISTRIBUTION DEFICIENCY                      0.00
                    PAYMENTS UNDER POLICY                                  0.00
                    CLASS A-8 DISTRIBUTION                            79,899.17

SEC. 4.02 (ix)      DELINQ.& FORECLOSURES   CATEGORY NUMBER       STAT PRIN BAL
                          30-59 DAYS               1                 231,344.90
                          60-89 DAYS               0                       0.00
                          90+ DAYS                 0                       0.00
                          FORECLOSURE              0                       0.00

SEC. 4.02 (x)       RECENT REO PROPERTY  LOAN #   STAT PRIN BAL    DATE OF ACQ.
                            N/A                        0.00            N/A

SEC. 4.02 (xi)      BOOK VALUE OF REO PROPERTY                             0.00

SEC. 4.02 (xii)     REMAINING SPECIAL HAZARD AMOUNT                3,714,454.00
                    REMAINING FRAUD LOSS AMOUNT                    4,810,475.00
                    REMAINING BANKRUPTCY AMOUNT                      100,000.00

                    CLASS     UNPAID INTEREST          CLASS    UNPAID INTEREST
SEC. 4.02 (xiii)    CLASS A-1            0.00          CLASS A-10          0.00
                    CLASS A-2            0.00          CLASS A-R           0.00
                    CLASS A-3            0.00          CLASS A-RL          0.00
                    CLASS A-4            0.00          CLASS B-1           0.00
                    CLASS A-5            0.00          CLASS B-2           0.00
                    CLASS A-6            0.00          CLASS B-3           0.00
                    CLASS A-7            0.00          CLASS B-4           0.00
                    CLASS A-8            0.00          CLASS B-5           0.00
                    CLASS A-9            0.00          CLASS B-6           0.00

SEC. 4.02 (xiv)     SENIOR PREPAYMENT PERCENTAGE                    100.000000%
                    B1 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                    B2 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                    B3 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                    B4 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                    B5 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                    B6 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
SEC. 4.02 (xvi)     RECOVERIES ON FORECLOSURES                             0.00

SEC. 4.02 (xvii)    WEIGHTED AVERAGE REMAINING TERM                         351

SEC. 4.02 (xviii)   ENDING WEIGHTED AVERAGE MORTGAGE RATE             7.997469%

SEC. 4.02 (xix)     GROUP I SENIOR OPTIMAL PRINCIPAL AMOUNT          195,945.00
                    GROUP II SENIOR OPTIMAL PRINCIPAL AMOUNT          17,389.95
                    SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT         10,413.44
                    POOL BALANCE                                 231,780,745.44
Exhibit 99.6

       Monthly Certificateholder Statement on August 25, 1996
CHEMICAL MORTGAGE SECURITIES, INC.
 MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
   SERIES 1996-1

 DISTRIBUTION:  25-Aug-96                                                   PAGE # 1

              ORIGINAL          BEGINNING                                                     REALIZED   REALIZED       ENDING
              CERTIFICATE       CERTIFICATE      PRINCIPAL      INTEREST       TOTAL          LOSS       LOSS           CERTIFICATE
CLASS         BALANCE           BALANCE          DISTRIBUTION   DISTRIBUTION   DISTRIBUTION   PRINCIPAL  INTEREST        BALANCE
A-1        90,918,000.43      85,796,345.87        124,803.23     518,352.91     643,156.14        0.00      0.00     85,671,542.64
A-2        40,932,000.00      38,626,190.76         56,187.40     225,319.45     281,506.85        0.00      0.00     38,570,003.36
A-3        20,466,000.00      19,313,095.39         28,093.70     124,730.41     152,824.11        0.00      0.00     19,285,001.69
A-4         9,139,000.00       9,139,000.00              0.01      53,310.83      53,310.84        0.00      0.00      9,138,999.99
A-5         1,000,000.00       1,000,000.00              0.00       6,250.00       6,250.00        0.00      0.00      1,000,000.00
A-6         2,713,000.00       2,713,000.00              0.00      18,086.67      18,086.67        0.00      0.00      2,713,000.00
A-7        23,127,000.00      23,127,000.00              0.00     139,725.63     139,725.63        0.00      0.00     23,127,000.00
A-8        13,697,000.00      13,697,000.00              0.00      79,899.17      79,899.17        0.00      0.00     13,697,000.00
A-9        24,100,000.00      23,998,400.94         17,548.71     144,990.34     162,539.05        0.00      0.00     23,980,852.23
A-10                 N/A                N/A               N/A       1,940.41       1,940.41        0.00      0.00               N/A
A-R               100.00               0.00              0.00           0.00           0.00        0.00      0.00              0.00
A-RL              100.00               0.00              0.00           0.00           0.00        0.00      0.00              0.00
B-1         6,013,000.00       5,987,650.83          4,378.44      36,175.39      40,553.83        0.00      0.00      5,983,272.39
B-2         3,607,000.00       3,591,793.86          2,626.48      21,700.42      24,326.90        0.00      0.00      3,589,167.38
B-3         2,406,000.00       2,395,856.96          1,751.96      14,474.97      16,226.93        0.00      0.00      2,394,105.00
B-4           962,000.00         957,944.46            700.49       5,787.58       6,488.07        0.00      0.00        957,243.97
B-5           481,000.00         478,972.24            350.25       2,893.79       3,244.04        0.00      0.00        478,621.99
B-6           962,552.00         958,494.13            700.89       5,790.90       6,491.79        0.00      0.00        957,793.24
TOTALS    240,523,752.43      31,780,745.44        237,141.56   1,399,428.8    1,636,570.43        0.00      0.00    231,543,603.88
FACTOR INFORMATION PER $1,000                         PASS THRU RATES

           PRINCIPAL     INTEREST        END. CERT.                  CURR PASS
CLASS      DISTRIBUTION  DISTRIBUTION    BALANCE           CLASS     THRU RATE

A-1          1.37270100    5.70132325   942.29461970         A-1         7.25%
A-2          1.37270107    5.50472613   942.29461946         A-2         7.00%
A-3          1.37270107    6.09451823   942.29461970         A-3         7.75%
A-4          0.00000109    5.83333297   999.99999891         A-4         7.00%
A-5          0.00000078    6.25000000   999.99999922         A-5         7.50%
A-6          0.00000078    6.66666790   999.99999922         A-6         8.00%
A-7          0.00000000    6.04166688  1000.00000000         A-7         7.25%
A-8          0.00000000    5.83333358  1000.00000000         A-8         7.00%
A-9          0.72816224    6.01619668   995.05610913         A-9         7.25%
A-10                N/A    0.14166679            N/A         A-10        0.17%
A-R          0.00000000    0.00000000     0.00000000         A-R         7.25%
A-RL         0.00000000    0.00000000     0.00000000         A-RL        7.25%
B-1          0.72816231    6.01619657   995.05611009         B-1         7.25%
B-2          0.72816191    6.01619629   995.05610757         B-2         7.25%
B-3          0.72816293    6.01619701   995.05610973         B-3         7.25%
B-4          0.72816008    6.01619543   995.05610187         B-4         7.25%
B-5          0.72817048    6.01619543   995.05611227         B-5         7.25%
B-6          0.72815506    6.01619445   995.05610387         B-6         7.25%

IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT
    THE ADMINISTRATOR LISTED BELOW:

                            DIANE WALLACE
                            CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
                            450 WEST 33RD STREET, 15TH FLOOR
                            NEW YORK, NEW YORK 10001
                            (212) 946-8583
CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
  SERIES 1996-1

DISTRIBUTION:  25-Aug-96                                             PAGE # 2

SEC. 4.02 (i) (b)   PRINCIPAL PREPAYMENTS                             67,653.10

SEC. 4.02 (ii)      SERVICING FEE                                    144,374.17

SEC. 4.02 (iv)      CURRENT ADVANCES                                   1,787.72
                    OUTSTANDING ADVANCES                               5,363.16

SEC. 4.02 (v)       ENDING NUMBER OF LOANS                                  756
                    ENDING STATED PRINCIPAL BALANCE              231,543,603.88

SEC. 4.02 (vi)      SENIOR PERCENTAGE                                83.441108%
                    CLASS B PERCENTAGE                                6.201944%
                    CLASS B1 PERCENTAGE                               2.584080%
                    CLASS B2 PERCENTAGE                               1.550104%
                    CLASS B3 PERCENTAGE                               1.033976%
                    CLASS B4 PERCENTAGE                               0.413418%
                    CLASS B5 PERCENTAGE                               0.206709%
                    CLASS B6 PERCENTAGE                               0.413656%

SEC. 4.02 (vii)     ENDING RESERVE FUND BALANCE                        3,000.00

SEC. 4.02 (viii)    CLASS A-8 DISTRIBUTION DEFICIENCY                      0.00
                    PAYMENTS UNDER POLICY                                  0.00
                    CLASS A-8 DISTRIBUTION                            79,899.17

SEC. 4.02 (ix)      DELINQ.& FORECLOSURES    CATEGORY NUMBER      STAT PRIN BAL
                         30-59 DAYS                 0                     0.00
                         60-89 DAYS                 1               231,195.87
                         90+ DAYS                   0                     0.00
                         FORECLOSURE                0                     0.00

SEC. 4.02 (x)       RECENT REO PROPERTY   LOAN #   STAT PRIN BAL   DATE OF ACQ.
                              N/A                         0.00            N/A

SEC. 4.02 (xi)      BOOK VALUE OF REO PROPERTY                             0.00

SEC. 4.02 (xii)     REMAINING SPECIAL HAZARD AMOUNT                3,714,454.00
                    REMAINING FRAUD LOSS AMOUNT                    4,810,475.00
                    REMAINING BANKRUPTCY AMOUNT                      100,000.00

                    CLASS      UNPAID INTEREST        CLASS     UNPAID INTEREST
SEC. 4.02 (xiii)    CLASS A-1             0.00        CLASS A-10           0.00
                    CLASS A-2             0.00        CLASS A-R            0.00
                    CLASS A-3             0.00        CLASS A-RL           0.00
                    CLASS A-4             0.00        CLASS B-1            0.00
                    CLASS A-5             0.00        CLASS B-2            0.00
                    CLASS A-6             0.00        CLASS B-3            0.00
                    CLASS A-7             0.00        CLASS B-4            0.00
                    CLASS A-8             0.00        CLASS B-5            0.00
                    CLASS A-9             0.00        CLASS B-6            0.00

SEC. 4.02 (xiv)     SENIOR PREPAYMENT PERCENTAGE                    100.000000%
                    B1 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                    B2 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                    B3 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                    B4 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                    B5 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%
                    B6 PREPAYMENT DISTRIBUTION PERCENTAGE             0.000000%

SEC. 4.02 (xvi)     RECOVERIES ON FORECLOSURES                             0.00

SEC. 4.02 (xvii)    WEIGHTED AVERAGE REMAINING TERM                         350

SEC. 4.02 (xviii)   ENDING WEIGHTED AVERAGE MORTGAGE RATE             7.997489%

SEC. 4.02 (xix)     GROUP I SENIOR OPTIMAL PRINCIPAL AMOUNT          209,084.34
                    GROUP II SENIOR OPTIMAL PRINCIPAL AMOUNT          17,548.71
                    SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT         10,508.51
                    POOL BALANCE                                 231,543,603.88