I'm not sure if you are still in need of an answer, but I am in the same boat. I received a nomination to West Point, not USNA; I received an LOA from Navy in November and have been playing the waiting game. I received a call from my Regional Counselor stating that I was "in the running for the VP Nom." and that he would send my application to the Dean of Admissions for review. That call was about three weeks ago. I called my counselor this past Tuesday and he explained the process a little more in depth. VP noms will be given out no later than Monday ( April 13). When your application is being seen for a VP nom, rejection is not an option. You will either receive a nomination or be offered a position on the waitlist. You will receive a notification either way. If you are offered a position on the waitlist, you must confirm that you accept being on the waitlist. Then from there, they will pick people off the waitlist as needed.
Hopefully that helps!