Magnolia's Famous Banana Pudding

Magnolia's is a popular bakery we discovered and love in Manhattan. Recommended to us by friends, we didn't see anything eyecatching on our first visit. We began to leave when Dad asked why Magnolia's was so famous. At the time I only knew that my New Yorker friend's "insider secret" was to try their banana pudding but I quickly added that "I'm not really a banana pudding person." Little did I know! Well, we went back in to try the banana pudding and we tasted heaven! We've been hooked ever since.

1 (14 oz can) sweetened condensed milk
1 1/2 cups ice cold water
1 (3.4 oz box) instant vanilla pudding (Jell-O brand)
3 cups heavy cream
1 (12 oz box) Nabisco Nilla Wafers (no substitutes)
4 cups sliced ripe bananas

In a small bowl, on medium speed of an electric mixer, beat together the sweetened condensed milk and water until well blended, about 1 minute. Add the pudding mix and beat well, about 2 minutes more. Cover and refrigerate 3-4 hours or overnight before continuing. It is very important to allow the proper amount of time for the pudding mixture to set.
In a large bowl, on medium speed of an electric mixer, whip heavy cream until stiff peaks form. Gently fold the pudding mixture into the cream until well blended and no streaks remain.
To assemble the dessert, select a 9x13 pan or a large, wide bowl with a 4-5 quart capacity. Place 1/3 of the Nilla Wafers over the bottom of the pan/bowl, overlapping if necessary. Cover with 1/3 of the bananas and then 1/3 of the pudding. Repeat the layering twice more garnishing with Nilla wafer crumbs on the top layer of the pudding. Cover with plastic wrap and allow to chill in the refrigerator for 4 hours or up to 8 hours (but no longer!) before serving.

Notes from Mom: Being fat conscious, I substitute fat free sweetened condensed milk and light whipping cream for part of the heavy cream. To me, it tasted just like the pudding from Magnolia's without all the calories and fat. The first 2 times I made the pudding, I used the Nilla Wafers and it was great. The longer it chills in the refrigerator the better. After 8 hours, some of the Nilla Wafers were still crunchy, but the next day, it was perfect! I'm pretty sure the Magnolia's in NYC uses day-old leftover vanilla cupcakes not Nilla Wafers. So, for my third batch of pudding, I made up a batch of Magnolia's Vanilla Cupcakes first and substituted the dried cake pieces for the Nilla Wafers.