My torque arm has come loose 2 times since i bought it. I tightened it as much as i could but the bolts came loose 12 months later. It would make a slamming or banging noises like you stated. I assume they need some serious torque to tighten as the part would indicate.

 

ok well i looked at it this weekend and my torque arm actually has a crack in it. i havent checked the tranny mount since i really couldnt get under my car. I have currently parked the car and the Ranger is my DD until i get everything fixed on the car.

 

You can get a used one for $50 or an aftermarket one for a lot more.