Intracellular phospholipase B that catalyzes the double deacylation of phosphatidylcholine (PC) to glycerophosphocholine (GroPCho). Plays an important role in membrane lipid homeostasis. Responsible for the rapid PC turnover in response to inositol, elevated temperatures, or when choline is present in the growth medium (PubMed:15044461, PubMed:15611060, PubMed:16777854). NTE1 activity impacts the repressing transcriptional activity of OPI1, the main regulator of phospholipid synthesis gene transcription (PubMed:19841481). a 1-acyl-sn-glycero-3-phosphocholine + H2O = a fatty acid + H(+) + sn-glycerol 3-phosphocholine a 1,2-diacyl-sn-glycero-3-phosphocholine + 2 H2O = 2 a carboxylate + 2 H(+) + sn-glycerol 3-phosphocholine Positively regulated by SEC14. Inhibited by organophosphorus esters in the order phenyl saligenin phosphate (PSP) > phenyldipentyl phosphinate (PDPP) = diisopropyl fluorophosphate (DFP) > and paraoxon (PXN). Present with 521 molecules/cell in log phase SD medium. Belongs to the NTE family.