A process is provided for the recovery of a separate lecithin/phosphatide-rich product during the extraction of soybeans with an isopropanol-based solvent. The invention comprises steps for contacting soybeans with solvent to obtain an extracted seed meal and a solvent extract of seedoils and lecithin and related phosphatides, cooling miscella to a temperature in the range from about 30.degree. to 80.degree. F., phase separating the cooled miscella, recovering from the phase separation an upper solvent-rich phase, an intermediate lecithin/phosphatide-rich phase and a lower crude oil phase, and directly recycling the solvent-rich phase to the extractor.