Have you tried switching the MIDI receive channel to OMNI to allow it to be controlled on all channels? With this MIDI stuff, you have to be aware that off my one errors come up pretty frequently as some manufacturers number things starting from 0 and others number things starting at 1.
Also, you have the the Mastermind connected directly to the TimeFactor? Even if that's not what you want long term, you'll want to do that while figuring this problem out.
If I were you, I might try resetting the TimeFactor's system settings to make sure there aren't any weird settings that are screwing something up. You do that by starting it up with the right footswitch and the algorithm selector knob pressed. You'll need to re-adjust your MIDI settings of course after doing this, but it won't affect your presets.
