Snape joined Magellan back in January following spells with GE Money, Compass Financial, Citi, First Plus Financial, Beneficial Bank and Avco Trust.
Whilst a spokesman for the lender confirmed that Snape had left he would not be drawn on the reasons behind his resignation.
He said: "Mark has made a significant contribution to the development of Magellan Homeloans and everyone in the company would like to wish him every success for the future.
"He has been replaced on an interim basis by Simon Read who has 20 years experience working in the financial services sector, which includes residential and commercial mortgage origination, intermediary development and the provision of direct to consumer mortgage advice."
Read was previously a senior business development executive at Magellan having spent time at Interbay Commercial Funding, The Mortgage Operation, The Finance Centre, Millfield Group and Taylor Nelson Sofres.
