What is required as part of the application package for a mortgage license?

The correct choice involves the necessity of submitting a management chart as part of the application package for a mortgage license. A management chart is essential because it provides clarity on the organizational structure of the business, detailing key personnel and their roles. This is vital for regulators assessing the competency and capability of the organization to operate within the mortgage lending industry. It reflects the applicant's planning and organization, ensuring that there are qualified individuals in place to handle the responsibilities required for compliance and customer service.

Other potential components, like a personal financial statement or a marketing plan, while useful in various business contexts, are not explicitly required for the licensing process. A management chart allows regulators to focus specifically on the internal workings of the applicant's organization and its alignment with regulatory standards.