Im have created various XM and MOD files, most XM files.
XM and MOD files does NOT contains a reverB effects at all. Its a effect added by the player, but have newer been a part of either formats at all originally, so its can also sound wierd for some tunes. So that why its not automatic added to the tunes.
MOD files have the big drawback, they was orignally 2 channels left and 2 channels right (4 channel total), so there might require some added stereo interpolation to sound right on PC. FMod might do that automatic to sound better on PC.
For force looping you can add by using D00 and B00 commands end of the song, or alternative checking by yourself if the music is ended, then restart it.