Which of the following is mandatory for a mortgage broker application?

The requirement for a surety bond provision in a mortgage broker application is crucial because it serves as a financial guarantee that the broker will conduct business in accordance with the law and fulfill their obligations to clients. The surety bond protects consumers by ensuring that funds are available to cover potential losses caused by the broker's misconduct or failure to perform as agreed. This requirement is designed to enhance the trustworthiness of mortgage brokers and provides a measure of financial security for consumers engaging with them.

While the application process may involve various documents and evidence of professionalism, such as proof of previous employment or client referral letters, these elements are not fundamentally mandatory for the license itself. The emphasis on the surety bond underscores the regulatory intent to hold brokers accountable and safeguard consumer interests within the mortgage lending landscape in New Jersey.