Yes, LOOPHOLE is a Scrabble word!

Letter values in Scrabble US: L 1, O 1, O 1, P 3, H 4, O 1, L 1, E 1.

Is it a valid word?

LOOPHOLE is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

an ambiguity (especially one in the text of a law or contract) that makes it possible to evade a difficulty or obligation
a small hole in a fortified wall; for observation or discharging weapons