Tell me about your loopback test, that was successful. I presume you used line-out to line-in?
If so, you realize that the loopback (in this case) is not utilizing the mic preamp. So this, or the microphone, or its cable must be at fault. Have you tested the mic anywhere else? Do you have the phantom voltage turned on when using the mic? Have you bypassed the cable and plugged the mic directly into the unit?
brucek