I'm referring to the option titled "get missing mod info" for updating mods in NMM. When you have a mod in your load order that shows a newer version in NMM, I select that mod and press "get missing mod info" to select the newest version from a list that pops up. Then on the next time I open NMM it updates the mod. Have I been using this function improperly?
Ah hah! Now I understand.

The only thing I have ever used the "get missing mod info" for is to try to find the Nexus site info for mods that must be packaged and installed separately (e.g., a mod with multiple options that doesn't include some type of automated installer such as Dimon's body mods, audio file mods, etc.). However, the option never really worked for me so I just ignored it and found it much simpler to check the mods of that nature. "Get missing mod info" always meant (to me) that you are telling NMM to go find the actual mod page on Nexus so that it can track the version even if you had to install the mod manually (such as the examples I listed).
In my case, I simply check the mods available list for newer versions with the yellow triangle/exclamation mark, compare the info with the list (because the info is often wrong), check the mod manually on Nexus, and download if there is actually a newer version (and I want to get it in my list, of course).