magnolia's banana pudding

One of my favorite desserts of all time is Magnolia's banana pudding. I had it in New York in 2011 for the first time and regret not buying a cup for each day I was there. A few months ago, I literally dreamt of this pudding and woke up needing it. I ignored my dream and a few days later, I found a Magnolia's cookbook at DI. It was the strangest and best book discovery I had in a while. I flipped through the pages to make sure the pudding recipe was there, and after confirmation, went and bought the ingredients. 

I've made it three times since I've bought the book and have made my own changes, which I've marked with an asterisk* in the recipe. Here it is, Magnolia's famous banana pudding:

Magnolia’s Famous Banana Pudding

·       One 14 oz can sweetened condensed milk

·       1.5 cups ice cold water

·       One 3.4 oz package instant vanilla pudding mix

·       3 cups heavy cream*

·       One 12 oz box Nilla Wafers

·       4 cups sliced ripe bananas

In a small bowl on the medium speed of an electric mixer, beat together the sweetened condensed milk and water until well combined, about 1 minute. Add the pudding mix and beat well, about 2 minutes more. Cover and refrigerate for about 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 the medium speed of an electric mixer, whip the heavy cream until stiff peaks form. Gently fold the pudding mixture into the whipped cream until well blended and no streaks of pudding remain.

To assemble the dessert, select a large, wide bowl with 4-5 qt capacity. Arrange one-third of the wafers to cover the bottom of the bowl, overlapping if necessary, then one-third of the bananas and one-third of the pudding. Repeat the layer twice more, garnishing with additional wafers or wafer crumbs on the top layer of the pudding. Cover tightly with plastic wrap and allow to chill in the refrigerator for 4 hours before serving    
*I tried the heavy cream, and it tasted fine, but I had trouble getting the "stiff peaks." I tried the second time with Cool Whip and it worked perfectly and tasted the same. Also this recipe is huge. I fed Preston's entire apartment the first time I made it, so cut it in half if you're not planning on feeding the masses. I had to include this pic. I got this glam Anthro cookbook for $3! Hope you enjoy this recipe as much as I have. Also, I bought fat free/reduced fat ingredients this time and didn't taste a difference.