Function as phospholipase selective for phosphatidylcholine (By similarity) (PubMed:15282299, PubMed:9111050). May have a role in signal-induced cytoskeletal regulation and/or endocytosis (By similarity) (PubMed:15282299). a 1,2-diacyl-sn-glycero-3-phosphocholine + H2O = a 1,2-diacyl-sn-glycero-3-phosphate + choline + H(+) 1,2-dihexadecanoyl-sn-glycero-3-phosphocholine + H2O = 1,2-dihexadecanoyl-sn-glycero-3-phosphate + choline + H(+) Stimulated by phosphatidylinositol 4,5-bisphosphate and phosphatidylethanolamine. Inhibited by phosphatidylserine and by oleate. Is not responsive to ADP-ribosylation factor 1 (ARF1), nor to GTP-binding protein RhoA. Interacts with PIP5K1B (By similarity). Interacts with EGFR (By similarity). Expressed in brain, lung, heart, kidney, stomach, small intestine, colon, and testis, and at a much lower levels in thymus, liver and muscle. Phosphorylated by FGR (PubMed:15282299). Phosphorylated on Tyr-11; most likely by EGFR (By similarity). Belongs to the phospholipase D family.