The comedy is to be directed by Jesse Peretz and produced by Anthony Bregman's Likely Story and Big Beach's Peter Saraf and Marc Turtletaub.
The film centers on an idealist (Rudd) dealing with his overbearing mother who crashes at the homes of his three ambitious sisters and brings truth, happiness and a sunny disposition into their lives while also wreaking havoc.
Banks, Deschanel and Mortimer will play the sisters, says THR.
Evgenia Peretz and David Schisgall wrote the screenplay. The film is set to start shooting next month in New York.