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Are OCI waitlists first-come, first-served? Does it matter when I opt-in to the waitlist?

No. It does not matter when you opt-in to a waitlist on Symplicity, as long as you do so before the open cancellation period closes on December 28 (for January 2021 OCI) or on December 18 (for the Regional Interview Program). Open spots are assigned from the waitlist according to bid number.