Do I need a ball mount and hitch ball to use this?

Yes. This is the receiver hitch only. You'll need to source a separate ball mount that fits a 2-inch receiver tube, plus the ball and safety chain.

Does this mount at factory holes, or do I need to drill the frame?

This mounts at factory attachment points — no drilling needed. Test-fit first to confirm alignment with your specific vehicle.

What weight can this hitch handle?

Class III hitches are engineered for substantial towing loads, but your exact capacity depends on your vehicle's GVWR and towing rating. Check your owner's manual for your model's specific limits.