Using an electric mixer on a medium speed, beat the cream cheese in a medium bowl until smooth and fluffy.
Add the vanilla pudding mix, milk, vanilla extract, and sweetened condensed milk. Mix well.
Using a spatula, stir in half of the whipped topping.
On the bottom of a large bowl, place one-third of the wafers in a single layer. You can also use several smaller bowls
Add a layer of banana slices.
Pour 1/3 of the pudding mixture on top to completely cover the bananas.
Repeat with two more layers.
Cover with the remaining whipped topping.
Using plastic wrap, cover the dish tightly and refrigerate for 1-2 hours before serving. The pudding will thicken up, and the wafers will soften.