CMG Plan Law and Legal Definition
“CMG plan” is a mortgage plan in which a borrower's mortgage is structured like a checking account, where paychecks are deposited directly into the mortgage account and the mortgage balance is reduced by that amount. As checks are written against the account during the month, the mortgage balance rises. Any amount deposited in the account that is not withdrawn through the check-writing process is applied to the balance of the mortgage at the end of the month as repayment of principal.
