Ok, there should be 4 hoses from the FEL control valve to the loader (raise, lower, curl, dump). There probably should be one hose from the hydraulic block to the FEL control valve P (pump) port, one from the PB (power beyond) port back to the hydraulic block and one from the T (tank) port back to the sump.
If I was a betting man, I would be looking at that PB line. I wonder if someone had a third function plumbed in at one time. If the PB line is plugged off with a loose quick-connect, it could explain things. If that is the case, fluid cannot flow through the FEL control valve. It would simply be dumped back to the tank through a built-in relief valve.
I'm just speculating here, mind you. I can't see your tractor and don't have access to a manual for your tractor. I'm making educated guesses based on how other, similar, tractors work. Photos and/or diagrams could be helpful.