NEWCO Projections; Ocwen Financial Corporation

Abstract

The internship started on 5th June with first 2 days' schedule focusing on giving a broad overview of various activities at company. The sessions included introduction to different business functions of Ocwen through interactions with various teams during their daily activities and interactions with the leadership team at Ocwen. I also read through some literature, including the company filings with SEC, to learn more about business. Following this I was assigned to a project related· to the new company that Ocwen is contemplating to incorporate. I was to do this work under the direct supervision of the SVP & CFO of the company while the other project guide was instrumental in providing the inputs and details required for the said project. The project involved data mining, analysis and finally preparing a spreadsheet model to project the valuations of the new company, its effect on Ocwen's books and evaluating the end benefits in terms of increase in shareholders' value. This was an important piece of work for the organization and I worked closely with the project guides over the course of the whole internship. In addition to the guides, I directly interacted with a lot of teams, both within USA and outside, and thus was able to get indepth knowledge of the complete business model of the company. The output of the spreadsheet model created by me was used in the presentation that was made to the board of the company regarding this business Unit. The work on the model was to be continued by the strategy team once my internship was over. The internship provided not only in-depth knowledge of the mortgage servicing industry, but also ample opportunities to apply various concepts learnt at liMB during my first year, especially in areas of financial statement analysis, corporate finance and spreadsheet modeling.