HOLD is a common status for applicants at USMMA. Having closely watched multiple admissions cycles over the years, I would say your summation is accurate. HOLD can mean anything other than REJECTED. Many applicants will find themselves in a HOLD status just prior to being offered an appointment. The positive takeaway for an applicant is that there is activity occurring around your admissions package - it could be in review or have just been reviewed. This is also a status indicating their quazi "qualified applicant pool" or "national wait list". One potential outcome is a conditional appointment to inform the applicant they are desired but one or more administrative things are needed prior to a full offer of appointment. In your case, it could be the nomination. This isnt your first rodeo, so you understand that this would be common for this time of year.