Which of the following is a responsibility of mortgage licensees under the law?

Disclosing all fees and charges to borrowers is a fundamental responsibility of mortgage licensees under the law. This requirement is rooted in regulations designed to promote transparency in the mortgage lending process. By providing borrowers with a clear understanding of all costs associated with their loan, including interest rates, closing costs, and any other fees, licensees help ensure that consumers can make well-informed decisions.

This practice not only fosters trust between the lender and the borrower but also aligns with consumer protection laws that aim to prevent deceptive or misleading practices in the mortgage industry. Transparency in the disclosure of fees helps borrowers understand the complete financial obligation they are entering into, which is critical for responsible lending and borrowing practices.

The other options do not accurately reflect responsibilities under the law. Guaranteeing loan approvals would undermine the creditworthiness assessment process, eliminating all risks associated with lending is impractical as risk is inherent in lending, and processing loans faster than competitors, while potentially beneficial for business, is not mandated as a legal responsibility.