That's a good question. I think the answer is it could, but does not have to.
Titus 3:5
5 Not by works of righteousness which we have done, but according to his mercy he saved us, by the washing of regeneration, and renewing of the Holy Ghost;/
The way this reads, regeneration is the washing away of our sins and the impartation of life unto us who were spiritually dead, but are now alive spiritually.
Renewing (of the mind and so forth) is promised, but is something that we must participate in...or it wont happen. Anyone who has ever been saved can attest to this. The day after being saved they woke up with the same mind! So it's not as if we just wait on the Holy Spirit to magically change the way we think all at once, lol. It's a process and takes time. We have to keep feeding our spirit (with the Word), keep reading it, meditating on it, and walking it out. The bible is clear...think on these things...don't think on those things...because as we think is who we become.
Does that make sense brother?