In a small bowl, stir together warm water and yeast. Set aside for 5-10 minutes. The softened yeast should look slightly foamy.
Meanwhile, in the large bowl of a stand mixer fitted with the dough hook, combine oats, sugar, shortening and salt. Pour scalded milk over the oat mixture. When the oat mixture has cooled to lukewarm, add the yeast mixture.
Gradually add the flour, ½ cup at a time, just until the mixture pulls away from the edges of the bowl in a soft ball of dough – do not add too much flour. Knead for about 8-10 minutes, or until the dough is smooth and elastic.
Transfer the dough to a greased bowl and turn to coat the dough on all sides. Cover and let rise in a warm place until doubled in size, 1 - 2 hours.
Punch down dough to release the air. Turn onto a lightly floured surface and shape into a loaf. Place in a greased 8 ½ x 4 ½-inch loaf pan. Brush egg wash on top. Sprinkle with a tablespoon or so of raw oats. Cover loosely with well-greased plastic wrap and let rise until doubled, 45 minutes - 1 hour. The dough should rise about 1 inch over the top edge of the pan. Carefully remove plastic cover.
Bake at 375° F for 30-35 minutes, or until the loaf is golden brown and sounds hollow when tapped. Remove from the pan and cool on a wire rack before slicing.