Phillip Schulman is a partner in Mayer Brown’s Washington DC office and a member of the Consumer Financial Services group. His practice focuses on a range of matters related to real estate finance, mortgage banking and consumer finance in both the primary and secondary markets. He represents companies in the mortgage lending, title insurance and real estate industries in connection with administrative and regulatory compliance matters, including those involving the Consumer Financial Protection Bureau (CFPB), the US Department of Housing and Urban Development (HUD), the US Department of Veterans Affairs (VA), Ginnie Mae, Fannie Mae and Freddie Mac. He advises clients on matters related to approval, origination and servicing requirements under the US Federal Housing Administration’s single-family loan programs. He also defends companies in connection with governmental audits, investigations and enforcement proceedings, before, among others, the CFPB, HUD, the VA, the DOJ and the Federal Trade Commission, with particular focus on defense of False Claims Act, Financial Institutions Reform, Recovery, and Enforcement Act, Mortgage Review Board and Real Estate Settlement Procedures Act enforcement matters.
Phillip develops and analyzes proposed business plans and drafts related agreements and disclosures based upon applicable US federal and state laws, regulations and rules, such as the Real Estate Settlement Procedures Act, the Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Fair Housing Act, state licensing laws, consumer credit laws, usury laws, unfair and deceptive trade laws and real property laws.
Phillip also performs regulatory compliance due diligence and assists with structuring operations and developing compliance management systems. He acts as regulatory counsel to the FAIR Coalition and defends clients in government investigation and enforcement proceedings concerning valuation issues. Phillip also assists with litigation involving regulatory compliance matters, consumer class action lawsuits and commercial claims.
Phillip was nationally ranked by Chambers USA 2012-2014 under Financial Services Regulation: Consumer Finance (Compliance) (Band 2). He is a member of the American College of Financial Services Lawyers and is the former general counsel to the Home Improvement Lenders Association and the former assistant general counsel of the Inspector General and Administrative Proceedings Division, US Department of Housing and Urban Development. Phillip is ranked by The Legal Network as one of the Top Lawyers in Washington, DC for 2013, and is peer rated in the Martindale-Hubbell directory as AV Preeminent, the highest level of professional excellence.
Phillip has authored dozens of articles on issues affecting the settlement service industry, and is a frequent contributor to Mortgage Banking magazine, The Title Report, the National Association of Realtors RESPA Realities and National Home Builders Association publications. He is also co-author with Laurence Platt of A Practical Guide to the Real Estate Settlement Procedures Act, published by Warren Gorham & Lamont. In 2013, with Holly S. Bunting, he co-authored MBA Compliance Essentials: The Real Estate Settlement Procedures Act.
Phillip is a frequent lecturer for seminars and conferences sponsored by the Mortgage Bankers Association, the American Land Title Association, the National Association of Realtors and other industry-related groups on various legal issues involving real estate, title, mortgage banking and consumer finance.