I've seen similar results with an improperly installed membrane....IIRC it was not inserted all the way into the canister. I think in that case that may have diverted all the flow to the product line vs the waste line as in your case however. Regardless, double check that your membrane is seating into the housing properly and fully - compare with your old membrane if you still have it. It sometimes takes what feels like "too much force" to get it in all the way.
Any chance the flow restrictor is on the wrong line? (Should be on waste.)
I think odds are it's something dead-simple....one of the above or something else related to installation, or as others suggested already just a bad membrane. (Never heard of a bad membrane, and having a "total failure" in what amounts to a rolled up sheet of perforated rubber seems unlikely, but anything is possible.)
If you haven't already, I would also let the seller know what's going on....don't wait on that IMO.
Hope this helps!
-Matt
P.S. A DOW membrane from Spectrapure or any of the other vendors should perform equally well. Just make sure to dial in a 4:1 waste to product ratio on whatever you end up with...and expect to pay about $40 or so.