Shares in Countrywide Financial Corp. declined more than 7 percent Thursday after the lender said foreclosure rates rose in February.

The Calabasas-based lender, which had it credit rating cut by Fitch Ratings Wednesday, said that its loan delinquency rate rose 66 percent last month, compared to the same period a year earlier. The rate was virtually even with January’s figure.

The mortgage lender’s delinquencies increased to 7.4 percent of unpaid principal balances from 4.5 percent a year earlier.

Foreclosures as a percentage of unpaid principal balance climbed to 1.6 percent in February from 0.8 percent a year earlier and 1.5 percent in January.

The company added that it funded $25.6 billion in loans February, down 26 percent on the year but a 17 percent increased from January.

Countrywide did not fund any subprime loans in February and saw a 77 percent drop in home-equity loans and lines of credit. Average daily applications slid 36 percent year-over-year and 27 percent from January.

Shares in Countrywide were down 6.7 percent to $4.43 in early trading Thursday.