A source at E*Trade Group Inc., Menlo Park, Calif., has confirmed that E*Trade Mortgage reduced its staff earlier this month by 163 full-time employees, but said the move was expected and that most of those laid off were employed by a temporary firm and had been working for E*Trade for less than 12 months.The move was related to a drop in volume the company has seen since rates have begun to edge upward. The company has begun releasing its numbers on a monthly basis. E*Trade originated $2.9 billion in retail mortgage loans during the second quarter. In July, the company reported $1.2 billion in direct mortgage originations, up from $1 billion in June. The August numbers have not yet been released.
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