The present invention provides methods of processing lipid materials such as soapstock, wet gums and dry gums. Enzymes are utilized to catalyze hydrolysis of the lipids materials to recover fatty acids. Addition of organic acids and/or polyols improved yield of fatty acids and reduced formation of emulsion. Lipid materials can be formulated with other agricultural products as new value-added animal feed products. Further, a process for concentrating nitrogenous compounds such as choline, inositol, ethanolamine and serine from phospholipid materials obtained as byproducts from vegetable oil refining is provided. The process involves performing hydrolysis of the gum based products in the presence of an alcoholic solvent and acid catalyst. Post hydrolysis, gums breakdown to oil and water phases which are further separated and concentrated. These concentrated products may be further fractionated to concentrate individual nitrogenous compounds.