An analyst said Thursday that he expects Countrywide Financial Corp. will report a much bigger third-quarter loss than previously predicted.

Friedman Billings Ramsey analyst Paul J. Miller Jr. said that the Calabasas-based lender will have to record accounting charges reflecting how much value the company’s mortgage debt has lost, he wrote in a research report Thursday.

Miller said he expects the charges to bring Countrywide’s loss to $3 per share for the third quarter exceeding his earlier estimate that the troubled lender would break even for the quarter.

Miller added that even though Countrywide managed to accumulate enough cash to stay open, the third-quarter earnings report, which is due in early November, will be stung by charges because the company’s accountants will have to adjust the value of its portfolio to reflect fair market value. He estimated that Countrywide will write down between 5 and 10 percent of certain loans in its portfolio which will lead to $1 billion to $2.2 billion in charges.

Shares in Countrywide were only down 10 cents to $20.01 in afternoon trading Thursday on the New York Stock Exchange.