Change in purpose

We originated a loan to an individual for rental property in which his daughter was paying rent - so business purpose.

Now he wants to add his daughter to the note so she can build credit.

Given this is would be her primary residence would the purpose change to consumer and if so - would we need to do consumer real estate disclosures?

Is she also going to be in title to the property?

Good question: I am not sure.

How would it affect the outcome if she is and is not?

Thanks

If she's an owner and borrower, the dwelling will be owner-occupied. It becomes a consumer loan.

ok - thanks

If she does become an owner I am assuming we would have to do a new loan mid-stream to accomplish this? - or could we make the modification and just issue new disclosures and move on as is?