Preheat oven to 350°.
Line a 9 x 5 inch loaf pan with parchment paper or grease with non-stick cooking spray.
In a large bowl, mix butter, granulated sugar, eggs, 1/2 cup milk and 2 teaspoons vanilla extract with a wooden spoon.
Peel and core apples. Shred using the large side of a box grater.
Mix shredded apples and chopped pecans into butter and sugar mixture.
Add 2 cups of flour, 1 teaspoon baking powder and 1/2 teaspoon baking powder and mix until combined.
Pour batter into prepared loaf pan.
In a small bowl mix 1/4 cup flour, 1/4 cup brown sugar, 1 tablespoon ground cinnamon and 1/4 cup butter together with a fork.
Crumble cinnamon sugar mixture over the batter.
Bake bread for 50 minutes to 1 hour or until a wooden pick comes out clean or bread reaches 190° using a digital thermometer.
Remove bread from oven, cool five minutes in the pan. Move bread to a wire rack to cool 15 minutes.
Mix cream cheese drizzle in a bowl by combining softened cream cheese with 1/2 cup powdered sugar.
Add 1 tablespoon of milk and 1 teaspoon vanilla extract and mix well.
Drizzle over apple bread.
Slice and serve warm or at room temperature.