In large bowl, using an electric mixer, beat cream cheese until fluffy.
Beat in condensed milk. Add in pudding mix and continue beating.
Add very slowly the 3 cups of cold milk. Add in vanilla extract and continue mixing until smooth.
Fold in 1/2 of the whipped topping that has been thawed.
Line the bottom of your large serving bowl or dish with a layer of vanilla wafers.
Arrange bananas evenly over wafers.
Spread 1/2 of the pudding mixture on top of bananas.
Place another layer of wafers on top of pudding mixture.
Place another layer of bananas on top of wafers.
Smooth the rest of pudding mixture on top of bananas.
Top with remaining whipped topping and smooth out.
Crumble some wafers and sprinkle on top of whipped topping.
Chill, then enjoy.
