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Speak to Strahad Farsan in Ratchet.
Warlock trainers in the major cities refer you to Strahad Farsan in Ratchet when you hit level 40. He is still residing in his tower overlooking Ratchet in the Barrens - perhaps you remember him? He will ask you to talk with him again and you will receive the ability (for free!) to summon a level 40 mount, the Felsteed.
At level 40 all warlocks can complete this quest for a free mount. Like paladins' warhorses and unlike purchased mounts, felsteeds are summoned in a spell process requiring mana. One benefit is a warlock does not need to carry around an item to call their mount. The difficulty the NPC mentions - the ability to summon a Felsteed will be much more difficult in the future - refers to the epic Dreadsteed mount that warlocks can learn to summon at level 60.
The spell is now taught - like any other normal Warlock spell - by a Warlock trainer, situated in major cities.
The minutia of the quest differs depending on which warlock trainer you received the quest from.