More information:
The machine holds position and makes good parts. Recently had the ballscews and ballnuts rebuilt, new bearings installed. We had a Mitsubishi tech come down and look at it, did some swapping out of parts - drive, servo motor, encoders, encoder cable - but none of those things had any effect on the problem. Also checked the servo motor (AC) with a megaohm meter - infinity to ground on all phases and it measured 2 ohms phase-to-phase
It's a belt drive system with an encoder on the servo and a second encoder on the ballscrew. the couplers were good and tight on both encoders.
The next time the machine's not in service, I'm going to check the ballscrew pulley & key. I'm thinking we replaced that when we did the ballscrew rebuild, but I'm not 100% for sure..