Acyltransferase which catalyzes the transfer of an acyl group from an acyl-CoA towards a lysophospholipid producing a phospholipid and participates in the reacylation step of the phospholipid remodeling pathway also known as the Lands cycle (PubMed:18772128). Acts on lysophosphatidylserine (1-acyl-2-hydroxy-sn-glycero-3-phospho-L-serine or LPS) and lysophosphatidylethanolamine (1-acyl-sn-glycero-3- phosphoethanolamine or LPE), and to a lesser extend lysophosphatidylcholine (PubMed:18772128). Prefers oleoyl-CoA as the acyl donor and 1-oleoyl-LPE as acceptor (PubMed:18772128). May play a role in neurite outgrowth during neuronal differentiation (By similarity). {ECO:0000250|UniProtKB:Q8BH98, ECO:0000269|PubMed:18772128}. This is the function of MBOAT1 (membrane bound glycerophospholipid O-acyltransferase 1, Ensembl gene identifier ENSG00000172197).