A few years ago we made a loan to an individual to purchase a home. Her mother served as guarantor for the loan and also jointly owned the collateral with her daughter. The loan was refinanced in 2022, but this time the borrower and guarantor flipped. Mom is now the borrower and daughter is the guarantor. I'm thinking this does not meet the 'same borrower' criteria. Am I correct?

It would depend on your classification of "guarantor".

If the mom signed the legal obligation (note) instead of a personal guaranty form then she was a borrower and you would have a refinancing. If she did not sign the note and did only sign a personal guaranty form then I would agree with your assessment.

Thanks, Dan!