Enables carboxypeptidase activity and dipeptidase activity. Acts upstream of or within folic acid-containing compound metabolic process and proteolysis. Is integral component of plasma membrane. Is expressed in central nervous system; male reproductive gland or organ; metanephros; and submandibular gland. Orthologous to several human genes including FOLH1 (folate hydrolase 1). [provided by Alliance of Genome Resources, Apr 2022]