Uphere,
I was wondering if there is an internal leak in your system that is allowing oil to spray back into the tranny housing. This would give the "hissing noise" but I would expect it to cause the loader to move slower when under load.
Can you see the oil in the tranny after you have run it for a few minutes? Don't drive it around just run the hydraulics. If you can, does it look foamy or full of air bubbles? If it is there a leak some where.
If there are lines inside the tranny one of these could be cracked.
If the system relief valve is in the tranny it could also be jammed partially open from a piece of debris.
Does the 3 point hitch have its own valve external of the tranny housing or is part of the casting? Do you rear remotes where the valves are mounted to the tranny housing. These get oil from some where and could also be leaking.
I am not familiar with how Montana builds there tractors so these are just some thoughts and suggestions on how to possibly start narrowing down when the problem is.
best of luck.
Roy