Preheat the oven to 350°F degrees. Line 3 6" cake pans or 2 8" cake pans with parchment rounds, spray with oil and lightly dust with flour. Set aside
In a medium bowl- combine all-purpose flour, baking soda, baking powder, pumpkin pie spice, salt and whisk to combine. Set aside
In a stand mixer fitted with a paddle attachment- combine oil, granulated sugar, light brown sugar and mix until incorporated. Add eggs one at a time, mixing until each egg is incorporated before adding the next egg.
Add sweetened condensed milk, pumpkin puree and vanilla extract and mix on medium speed until combined.
Add dry ingredients to wet ingredients and mix on medium for 30 seconds- careful to not over mix the batter. Stop the mixer when a few ribbons of flour are visible and finish folding the batter with a spatula.
Evenly distribute the cake batter into each prepared cake pan and bake for 35-40 min. Check cakes at 32-35 minutes by inserting a toothpick in the center. If it comes out clean- cakes are done!
Place on a cooling rack for 15 minutes in the pan before turning the cake pan upside to finish cooling on the cooling rack.