Phospholipase B (lysophospholipase) involved in lipid metabolism; required for efficient acyl chain remodeling of newly synthesized phosphatidylethanolamine-derived phosphatidylcholine; required for deacylation of phosphatidylcholine and phosphatidylethanolamine but not phosphatidylinositol; PLB1 has a paralog, PLB3, that arose from the whole genome duplication