We also switched to HOLD last week and the form letter came in the mail today. DS emailed his counselor about what exactly being on HOLD meant and this was the response:
The USMMA is required (by law) to offer admission to applicants based on their ranked order-of-merit by State. As candidate files are evaluated, some (whose overall standing is VERY high) are offered admission early-on … the majority, however, are placed in a “hold” status. Those candidates then wait until all applications are evaluated and rank-ordered. In the beginning of April when we have all completed files reviewed and sequenced, we make offers to fill the State quotas and then move to the National Waiting list.
I think it is pretty much standard procedure and in the next few weeks they will start filling the State slots. For example, our State is allowed "4" per year. The top "4" will receive an appointment and the remaining will go on the NWL and be ranked nationally from that point. We are still hopeful!