Hmmm...when you clean it, do you do it in swiping and lifting motions, or in circular motions? If you're doing circular motions, STOP! That might be why. If that's not the issue, I'm of no help
I'm very careful with mine, no circular motions or anything, and mine is fraying out a little bit too. I find that once I get product on it it works ok, but still, I wish it wouldn't fray out like that - I haven't even had it that long.
You can always take it back to MAC, since they guarantee your brushes for life, so they'll be willing to exchange it. My 212 has done this, but I am guilty of rubbing it back and forth on a towel to dry it.