Jeff,
I wanted to let you know that once I recieved the part I followed your steps and everything seems to be working like normal now. I really appreciate your help in troubleshooting this issue with me. You were right it wasn't that hard to change.

I did have one more question though. Does it matter if the valve isn't mounted to the frame? My water supply line is copper and it comes in at a different direction from where it "should be" mounted. The metal bracket is resting on the floor and it appears to be sturdy enough and again everything is now functioning the way it should.