Henrik Bjornstad fired a 67 and is alone in third place at 16-under 200 with five others tied for fourth at 201.
Schultz, who started six shots off the lead, fired the low round of the day with an 8-under 64. His birdie putt to pull into a tie for the lead fell on the 18th hole just as Collins was making the turn onto the back nine. Collins bogeyed No. 12 to put him one behind Schultz, but he birdied No. 17 to regain a share of the lead with a 2-under 70.
Schultz, a former All-American out of TCU, made eight birdies over the last 14 holes. His rounds of 63 and 64 on Friday and Saturday, respectively, ties the best back-to-back rounds ever played at Highland Springs Country Club in its 20-year history as the host course for the Nationwide Tour event.