A title insurer's binding offer to issue a title policy on stated terms, listing what it will insure, what it requires before closing, and what it will not cover.
The longer version
The commitment has three working parts. Schedule A states the property, the parties, and the policy amounts. Schedule B-I lists requirements that must be satisfied before the policy issues, such as releases of existing liens and recording of the new mortgage. Schedule B-II lists exceptions the policy will not cover.
For a lender, the commitment is the map of what stands between signing and an insured first lien. Clearing Schedule B items is one of the most common sources of closing delay, so most closing checklists track each exception as its own line.
In Prodeal
Each Schedule B item can run as its own checklist line with a responsible party, usually the title company or lender's counsel, so exception clearing is visible instead of buried in email.