Just an update;
I took the bow into the shop and looked at it with the guy who set me up.
We put the bow on the press and took the string off. Upon close inspection we noticed that the serving on the loop wasn't fraying, it was a small piece of serving coming up from underneith the wrapped serving and that made it look like it was fraying.
We decided that the seperation along the cams was no big deal at this point, so we'll leave it alone for now.
Just thought I'd let y'all know.