Mark Snape, managing director of lending for Magellan Homeloans, is leaving the company.

Snape (pictured) joined the adverse credit lender in January from GE Money where he was sales director responsible for distribution strategy, product development and creating a post-MMR model for the business.

He has 30 years financial services experience gained with Compass Financial Group, Citi, First Plus Financial, Beneficial Bank and Avco Trus

Josh Cooper, spokesperson for Magellan Homeloans, said: “I can confirm that Mark has resigned from Magellan and 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.

“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.”