What is the difference between an AIP and full agreement critiera?

Colapola

What is the difference between an AIP in fully agreed in terms of the criteria that is looked at?

I know some do a soft search but do those that do a full credit search do they look at a persons bank account activity at the AIP stage?

I assume normally they wouldn't but if its your own bank would they look at it at this stage?

Thank you

Conrad

An AIP is based on a software decision only, which of course is only ever going to be a guide as to outcome.

Lenders employ armies of Human underwriters to then dig n delve.

For example in an AIP an applicant might say they earn £50,000 as a nurse, but an underwriter will suspect some of this sum is via 'bank work', that is to say non guaranteed optional hours, so might not include that in basic salary. No computer would ever 'know' this, they are just dumb tools.

I saw a documentary about AI (artificial intelligence) and the top people in the world took part, and the consensus was that even the brigtest machines only had the intelligence of a slug!

Dont confuse intelligence with number crunching - machines can blindly crunch numbers without any notion of thier meaning.