Fading is losing the dark melanin in the skin to expose a lighter base color. Its a process that takes time. Your parrot fish are faders.
View attachment 1379277Here is a female fader of a different breed (almost done fading) showing a bit of the egg depositor. A first time egg layer can show this for up to 2 weeks before she lays, after that it usually only pops out a day or two before laying.
It could be a prolapsed anus due to illness. If you say your water is fine and the other fish are fine I would not suspect illness. Your tank is overstocked which could lead to problems. Your fh looks like a female to me. Try and get better pics. Sometimes turning on flash helps get better shots of a moving target.