Almost a third of the 700 mortgage brokers aligned with the aggregator Firstfolio have elected to operate as credit representatives, rather than apply for their own credit licences, and Firstfolio expects that number to grow to 40 or 45 per cent by the end of the year.While most aggregators and lenders are taking an even-handed approach to the question of whether their brokers should apply for licences or operate as credit representatives under the new National Credit Act, Firstfolio is encouraging its brokers to be credit representatives.Firstfolio general manager compliance Angelo Malizis, said: "The broker is in the business of servicing clients, not keeping up with regulations and compliance."As brokers see how much work they need to do to get a licence and then maintain it, a lot of them, especially the small ones, are making an assessment that it is too much work."The Australian Securities and Investments Commission, which took over consumer credit regulation in July, reported yesterday that it has received 411 credit licence applications since June 30 and issued 65 licences.At June 30, ASIC had received 14,760 registrations from businesses intending to be licensed under the act. Firstfolio has figured there is a good business opportunity in taking on the risk of acting as licensee for brokers. It is promoting a credit representative package that includes a compliance program, dispute support, and credit guides for $300 a year and $80 a month (refundable if minimum volume targets are met).Malizis said: "This is a branding opportunity for us. The opportunity is to generate loyalty. From the start we have tried to think about the National Credit Act strategically and get ahead of the pack. "We have put resources into this area and I'm not sure other aggregators are doing much more than focusing on their own implementation."