Investors jittery over the slumping housing market sent shares in Countrywide Financial Corp. down more than 3 percent Monday after the company said that two directors will leave the mortgage lender’s board.

Kathleen Brown, a former California state treasurer, resigned from the board effective immediately, and Michael Dougherty will not stand for re-election and will exit the board after the company’s April 26 corporate meeting, the Calabasas-based lender said in a statement Friday after markets closed.

No reasons were given for either board member’s decision, and Countrywide said it will reduce the number of board members from 11 to nine as a result of the departures.

“Given the other important professional and community responsibilities in which both Mike and Kathleen are so actively engaged, I understand and respect their decisions,” said Chief Executive Angelo Mozilo, in a statement.

Shares in Countrywide were down $1.06 per share, or 3.1 percent, to $32.58 in afternoon trading Monday on the New York Stock Exchange.